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Asian Development Bank will further strengthen partnership with India

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NEW DELHI : The Asian Development Bank (ADB) will further strengthen its partnership with India and support the country’s development priorities for inclusive growth, an official said. Asian Development Bank (ADB) Vice-President Shixin Chen, on his India visit during September 5 – 9, reiterated the multilateral lending agency’s commitment to further strengthen its partnership with India.

Chen affirmed ADB’s support to the government’s development priorities that target the country’s fast, green, and inclusive post-COVID-19 economic recovery, ADB said in a release on Saturday.

During his visit, Chen met with Department of Economic Affairs (DEA) Secretary and ADB Alternate Governor Ajay Seth.

Commending the achievement of record USD 4.87 billion of ADB lending commitment to India in 2021, including USD 274 million for private sector operations, he discussed future cooperation with the country.

“ADB will continue to work closely with the Government of India to support the government’s priorities in reinvigorating economic activity to generate more jobs, improve productivity, and create livelihood opportunities held back by the pandemic,” Chen said. He said to achieve this, ADB will enhance investments in health and education; micro, small, and mediumsized enterprises; and public sector management. It will also support India’s national flagship initiatives in infrastructure, logistics, urban development, economic corridor development, and green growth.

ADB’s current India portfolio comprises 62 ongoing projects worth USD 14.65 billion across transport, urban, energy, human development, agriculture and natural resources and finance sectors. ADB aims to help India battle against climate change by serving as the climate bank for Asia and the Pacific, Chen added.

He said the agency’s support to climate actions in India will focus on decarbonisation of transport, energy transition, climate change adaptation, air quality and water resources improvements, and disaster risk management.

It also endeavours to mainstream gender equality and social inclusion into the design, implementation and monitoring of ADB-funded projects, and enhance regional cooperation through the South Asia Subregional Economic Cooperation (SASEC) platform, he added.

ADB’s upcoming country partnership strategy (CPS, 2023 – 2027) for India is under preparation, which will guide ADB’s India operations.

To kick off the CPS formulation through a comprehensive stakeholder consultation process, Chen along with Seth opened a day-long national workshop on September 6 to discuss the CPS priorities.

Jointly organized by ADB and DEA, the workshop was attended by over 65 senior officials from central government ministries and state governments. The vice-president chaired separate meetings with private sector representatives and development partners to discuss the CPS priorities.

Chen also held sector-specific discussions with secretaries of ministries of road transport and highway; new and renewable energy; environment, forest, and climate change; and Director General of The Energy and Resources Institute.

During September 7 – 8, Chen travelled to Bengaluru and led the state-level consultation meetings on the CPS with senior state officials led by Chief Secretary Vandita Sharma. He also discussed ADB’s ongoing and planned future support across various sectors in Karnataka.

He also visited the sites of the ADB-financed Delhi – Meerut Regional Rapid Transit System project and Bengaluru metro project.

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