ADB Pledges USD 4.5 Billion Annual Support for India's Vision 2047

The Asian Development Bank (ADB), led by President Masato Kanda, has committed up to USD 4.5 billion annually in sovereign lending to assist India's development goals. The funding will focus on urban transformation, clean energy, and rural prosperity, supporting India's Vision 2047 policy framework.

The Asian Development Bank (ADB) has announced its readiness to provide India with annual sovereign lending of up to USD 4.5 billion to support major development projects. ADB President Masato Kanda conveyed this commitment following a meeting with India's Finance Minister Nirmala Sitharaman in New Delhi.

During the discussions, ADB underscored its role in contributing to the Vision 2047 agenda, an initiative by Prime Minister Narendra Modi aimed at crafting a thriving and sustainable India. The bank plans to augment its funding with USD 1 billion from the private sector while leveraging third-party capital.

ADB's agenda includes swift implementation of impactful projects like solar energy support, urban transformation, private sector growth, and rural resilience through entrepreneurship and job creation. This partnership aims to stabilize food systems and bolster local economies to ensure well-rounded progress across all sectors by 2047.

(With inputs from agencies.)