Manila-based Asian Development Bank (ADB) has agreed to extend an aid quantum of $7.4 billion to India for developing its infrastructure for a three-year period (2011-13).
In an official statement here on Monday, the multilateral financial institution said: “The ADB and the Union Government have agreed on a new three-year business plan that will provide lending assistance of $7.4 billion to support inclusive and environmentally sustainable growth in the country.''
A major thrust of ADB's ‘India Country Operations Business Plan' (COBP) for 2011-13, the statement said, will be to support infrastructure development, particularly through public-private partnership (PPP) programmes. The ADB noted that supporting the government's efforts to redress inter-State economic disparities is also a key cornerstone of the COBP which is aligned to the country's XI Plan (2007-12) and the bank's long-term strategy for reducing poverty in the region. Continued assistance for development of the vital energy sector by means of projects involving clean and renewable energy is another key focus area, it said.
“The ADB is pleased to note that approval of the India COBP comes against the backdrop of record performance by the ADB in terms of both programme delivery and portfolio performance in 2010… We very much look forward to continue to work closely with the Government of India in implementing the projects in the COBP to help promote inclusive growth and reduce poverty in the country,” ADB's Country Director (India) Hun Kim said..
The ADB said that it would continue with its projects in transport, energy and urban sectors in States like Assam, Bihar, Chhattisgarh, Himachal Pradesh, Madhya Pradesh and Rajasthan to help bridge inter-State economic disparities. It would also continue to provide assistance for the national rural roads development programme in Assam, Chhattisgarh, Madhya Pradesh, Orissa, and West Bengal and for public resource management in Assam and Mizoram.
