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L&T Finance gets $125 mn loan from ADB to support MSMEs, farmers

Non-banking financial company L&T Finance on Thursday said it has signed a USD 125 million loan pact with the Asian Development Bank (ADB) to support financing in rural and peri-urban areas in India, particularly for women borrowers. The funding comprises a loan of up to USD 125 million from ADB, and an agreement to syndicate an additional USD 125 million co-financing from other development partners, L&T Finance said in a statement. At least 40 per cent of the proceeds is allocated for women borrowers, while the rest will support farmers, micro, small and medium-sized enterprises (MSMEs), and loans to purchase new two-wheelers, among others, it said. Microloans, farm equipment loans, two-wheeled vehicle loans, and MSME loans have been identified as segments with strong growth potential anticipated in the medium term, it added. By focusing on lending in rural and peri-urban areas of lagging states in India, the project is strategically aligned with the goals of the Ministry of .

Centre, ADB sign $400 mn loan pact to build high-quality urban infra

The central government on Monday signed a USD 400 million policy-based loan with the Manila-based Asian Development Bank (ADB) to support its urban reform agenda to create high-quality urban infrastructure, improve service delivery, and promote efficient governance systems. The signatories to the loan agreement for sub-programme 2 of the Sustainable Urban Development and Service Delivery Programme were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs and Takeo Konishi, Country Director of ADB's India Resident Mission. While Sub-programme 1 approved in 2021 with a financing of USD 350 million established national-level policies and guidelines to improve urban services, Sub-programme 2 supports investment planning and reform actions at the state and urban local body (ULB) levels, the finance ministry said in a statement. After signing the loan agreement, Mukherjee stated that the programme supports the government's urban sector strategy with a focus on reforms aimed at

ADB approves $181 mn loan to build infra in Ahmedabad's peri-urban areas

The Asian Development Bank (ADB) on Monday said it has approved a USD 181 million loan to build quality infrastructure and services toward improving urban livability and mobility in the peri-urban areas of Ahmedabad, Gujarat. The Ahmedabad Peri-urban Livability Improvement Project will construct 166 kilometer (km) of water distribution network, 126 km of climate-resilient stormwater drainage, 300 km of sewerage systems, and four sewage treatment plants, the Manila-headquartered multilateral development bank said. The project is also supporting 10 junction improvements along the existing Sardar Patel Ring Road to improve connectivity of peri-urban areas to Ahmedabad city. ADB will help strengthen the capacity of the Ahmedabad Urban Development Authority and urban local bodies in technology-based urban planning, including climate change and disaster-resilient infrastructure that promote environmental and social safeguards, gender equality and social inclusion, it said. "This project

This is last clear chance for MDBs: Ex-US Treasury secy Lawrence Summers

Nothing important is ever easy but we are increasingly seeing a coming together of the world. I am encouraged by the way the shareholders have come together

ADB commits concessional loan to India under Green Financing facility

The Asian Development Bank (ADB) on Sunday assured India to provide concessional loans under the Green Financing facility to help in achieving its vision. ADB President Masasugu Asakawa, who is in Delhi to attend the G20 Leaders' Summit, on Sunday met Finance Minister Nirmala Sitharaman. During the bilateral meeting, both discussed the outcome of G20 India Presidency and ADB contribution to G20 work streams under the Finance Track as well as the Sherpa Track. Asakawa appreciated the Indian Presidency's efforts towards realising the agenda of 'One Earth, One Family, One Future', the finance ministry said in a post on X. "Mr. Asakawa @ADBPresident reiterated that @ADB_HQ aims to be the climate bank for the Asia and Pacific and committed that a #GreenFinancing facility is being developed by @ADB_HQ for providing concessional finance for India to realise this vision," it said. During the meeting, the Finance Minister mentioned that the role of all MDBs, including ADB, in the preparati

ADB, Centre sign $200 mn loan for expanding urban services in Rajasthan

The central government and the Asian Development Bank (ADB) on Friday signed a USD 200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project. The additional financing will support the Rajasthan government in reducing basic infrastructure gaps in its secondary towns by expanding water supply and sanitation services and improving livability in selected urban local bodies, the finance ministry said in a statement. The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services and incorporate nature-based solutions to rehabilitate heritage structures besides piloting public-private partnerships in the state's water and sanitation sector to deepen private sector engagement, the statement said. A total of 1,451 km of water supply pipes, 1,110 km of sewer pipes have been laid as part of the ongoing project, which was approved in September 2020, while 68,098 households have been connected

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ADB retains India's economic growth forecast at 6.4% for current fiscal

It forecast 3.6 per cent inflation this year for developing economies in Asia, and 3.4 per cent in 2024

Asian Development Bank to focus on urban schemes in new India strategy

The new strategy will focus on ADB deepening its engagement with the country and supporting India's drive for robust, climate-resilient, and inclusive growth

ADB approves $350 mn loan to help support SL's economic stabilisation

Sri Lanka has embarked on bold reforms to address the causes of both internal and external imbalances and return to a sustainable debt trajectory, the ADB said

ADB, India signs $141.12 mn loan for industrial corridor development in AP

The load Is part of a larger $500 million multi-tranche financing facility approved by the Asian Development Bank in 2016

ADB approves $300 mn loan to improve transport connectivity in Nepal

The Asian Development Bank (ADB) has approved a $300 million loan to improve transport connectivity in Nepal to international trade routes, particularly to India and Bangladesh.

'Support replacing charter lending limit', says FM Nirmala Sitharaman

Met South Korean FM and invited other investors to take forward investment in India's infrastructure sector

ADB to explore risk-factored approach for lending to developing nations: FM

Finance minister Nirmala Sitharaman on Thursday said India encourages ADB to explore adopting innovative, risk-factored approach for lending to the developing member countries (DMCs). During her intervention in the Governors Plenary meeting of Asian Development Bank (ADB), she expressed India's support to remove the charter lending limit from the ADB Charter altogether and relocating the limitation to the Board of Directors-approved Capital Adequacy Framework (CAF). CAF is designed to protect the risk-bearing capacity of ADB without relying on callable capital, and to maintain ADB's ability to lend even during crises and after a large non-accrual shock. Sitharaman, representing as Governor for India in 56th ADB Annual Meeting, expressed hope that the open discussions in the Plenary will lead to common ground and resolution of many issues and provide the appropriate guidance to the bank. "India encourages ADB to explore adopting innovative, risk-factored approach for lending to the

'WTO not listening to developing nations', says FM Nirmala Sitharaman

Sitharaman stressed that there was also a need to involve the private sector to step up investment and innovation

ADB exploring options to raise funds via rupee denominated bonds: President

Multilateral lending agency ADB is looking at the possibility of raising fresh rupee denominated bond to avoid foreign exchange risk, its president Masatsugu Asakawa said on Tuesday. Asian Development Bank (ADB) proposes to lend up to USD 25 billion in the next five years till 2027 to fund India's infrastructure building as well as green projects. The proposal is likely to be taken up for approval by the ADB Board. "We are encouraged to increase our local currency financing to avoid any kind of foreign exchange risk," Asakawa said ahead of the 56th annual meeting of ADB Board of Governors. The meeting would be attended by finance minister Nirmala Sitharaman. Raising funds in local currency reduces forex volatility, he told reporters here. ADB, which provides significant assistance to India, had raised funds in rupee denominated bonds or masala bonds to finance projects in the country. The ADB had earlier raised Rs 850 crore (USD 118 million) through Indian rupee-linked 10-year ...

Support India with more concessional climate finance: FM asks ADB

Finance minister Nitmala Sitharaman on Tuesday met ADB president Masatsugu Asakawa and urged the multilateral funding agency to to support India with more concessional climate finance, as the country's economic progress can have huge positive impact regionally and globally. During the bilateral meeting with the president here, Sitharaman said India continues to be the most significant country for ADB's sovereign and non-sovereign operations. She also expressed support to Asian Development Bank (ADB) for innovative financing mechanisms to enhance the lending capacity of the bank. She advised ADB to introspect and assess how the bank can effectively support developing member countries. "FM Smt. @nsitharaman urged @ADB_HQ to support India with more concessional #ClimateFinance, as India's economic and developmental progress can have huge positive impact regionally and globally," a tweet from the finance ministry said. Asakawa during the meeting reiterated ADB's commitment of providin

Nirmala Sitharaman meets ADB chief, says India remains key partner

Sitharaman also expressed support to ADB for innovative financing mechanisms to enhance the lending capacity of the bank

ADB may look at fresh issuance of rupee denominated bonds for resources

ADB president Masatsugu Asakawa on Tuesday said the bank will explore the option of raising resources via rupee denominated bonds. Raising funds in local currency reduces forex volatility, he said here. "We are encouraged to increase our local currency financing to avoid any kind of foreign exchange risk," he said. The decision will be based on market condition, demand and supply, he added. In the past, multilateral funding agency Asian Development Bank (ADB) raised funds in rupee denominated bonds to finance projects in the country. In January 2021, the ADB listed 10-year masala bonds or Rupee denominated bonds, worth Rs 300 crore on global securities market platform of India INX, the international exchange located at International Financial Services Center- Gift City in Gujarat. Prior to this, the ADB raised Rs 850 crore, about USD 118 million, from a new issue of offshore Indian rupee-linked 10-year bonds. This represented ADB's first new maturity raised in Indian rupees sinc