New Delhi, Nov 7 – The Asian Development Bank (ADB) will provide India a US$2 billion loan every year in the next five years to create jobs, enhance investment reforms and improve infrastructure.
The Manila based lender said in a statement the loan is part of a new country partnership strategy between ABD and the Indian goverment to support the country’s 12th Five Year Plan, Press Trust of India (PTI) reported.
ADB’s allocated resources to India could double in amount if third-party financing and lending to private and state-owned companies is taken into account, the bank said.
The agency will also partner with India to anchor transactions that can tap national, regional and international capital markets to help shift savings into infrastructure development.
“India is taking credible steps to stabilise the economy and its currency, improve infrastructure and promote social programmes. This strategy aims to bring sustainable growth, create jobs and cut red tape,” said Juan Miranda, director general for ADB’s South Asia Department.
The strategy combines investments with knowledge products to target emerging issues including urbanisation, water scarcity, climate change, internet connectivity and development of capital markets.
India remains ADB’s largest borrower.
– Bernama
