An official with the Asian Development Bank (ADB) has said that the bank will increase its partnerships with India and support the country’s development priorities for inclusive growth.
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. Chen met with Ajay Seth, Alternate Governor of the Asian Development Bank (ADB) during his visit to the country.
The ADB’s lending commitment to India in 2021 reached a record level of USD 4.87 billion, including USD 274 million for private sector operations. He discussed future cooperation with India in this regard.
“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,” said Chen.
In order to achieve this, ADB will enhance investments in health and education; micro, small, and medium-sized 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.
Currently, ADB is involved in 62 projects in India, valued at USD 14.65 billion, in the areas of transportation, urban development, energy, human development, agriculture, natural resources, and finance.
ADB aims to help India battle against climate change by serving as the climate bank for Asia and the Pacific, Chen said.
According to him, the agency will focus its support to climate action in India on decarbonising transport, delivering energy transition, adapting to climate change, improving air quality and water resources, and responding to disasters.
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.
Chen, together with Seth, opened a day-long national workshop on September 6 in order to begin formulating the CPS through a comprehensive stakeholder consultation process.
Jointly organized by ADB and DEA, the workshop was attended by over 65 senior officials from central government ministries and state governments. To discuss the priorities of the CPS, the vice-president chaired separate meetings with representatives of the private sector and development partners.
During his visit, Chen also met with the secretaries of the ministries of road transport and highways; new and renewable energy; the environment, forest, and climate change; and the director general of the Energy and Resources Institute.