FDI from ADB to boost the infrastructure sector
On Wednesday Asian Development Bank (ADB) announced that it would provide up to $7-9 billion loan to the country over the next three years. This money will be used for supporting the infrastructure development in India. Takehiko Nakao the president of ADB talked about this new development in New Delhi and mentioned that ADB’s operations for India will maintain high level of lending.
Besides, the multilateral funding agency will provide around $30 million for technical assistance grants, especially for building institutions. This amount will be used in building capacity at the state as well as the local levels. Nakao is on a two-day official visit and he met our Prime Minister Narendra Modi and Finance Minister Arun Jaitley to discuss about the bilateral ties about both the nations.
Nakao discussed about the macroeconomic situation and ADB’s funding programme to boost the infrastructure sector in India. He mentioned that this arrangement will benefit both the nations. ADB will earn the good returns on investments and India will have the money for its infrastructure needs.
Not only this but during the meeting, he emphasised that ADB will help India accelerate infrastructure development too. The whole emphasis will be on boosting the manufacturing sector and improving the skills of the young people to enhance their employability. ADB will look at expanding trade through regional cooperation, and promoting private sector activities too.
Source- The Hindu
