Asian Development Bank (ADB) has committed up to $25 billion over the next five years to support India’s PM Gati Shakti initiative, including funding for social development, climate action, and infrastructural development.
During their discussion, ADB president Masatsugu Asakawa informed PM Narendra Modi that ADB intended to provide $20–25 billion in resources over five years to help the nation achieve its rapid, inclusive goals and environmentally friendly growth. As part of its green growth plan, ADB will prioritize assisting in the transition to a circular economy, the decarbonization of transportation, and the clean energy transition.
Asakawa discussed ADB’s attempts to attain regular yearly financing of $4 billion from its sovereign operations in the following few years during his discussion with Minister Nirmala Sitharaman.
Sixty-four projects totaling $16 billion are currently included in ADB’s India portfolio, which spans the transportation, urban, energy, human development, agricultural & natural resources, and finance sectors. Following thorough stakeholder consultation, the ADB said it is also finalizing a new five-year country partnership plan (CPS) for India for 2023–27.
