State-owned India Infrastructure Finance Company Ltd (IIFCL) on Monday said it plans to raise about Rs 8,000 crore from borrowing, including from overseas institutions, during the January-March quarter. "We had planned to raise Rs 29,000 crore during the current fiscal to fund business growth of 20 per cent. Out of that 75 per cent have been mobilised in the three quarters and 25 per cent would be done during this quarter," IIFCL Managing Director PR Jaishankar said on the sidelines of 20th foundation day of the company. The company plans to raise USD 200 million through external commercial borrowing during this quarter, he said. Besides, he said, the company has finalised blended finance of USD 600 million with the Asian Development Bank and Korean Exim Bank to expand its investor base and lower the borrowing cost. First tranche of this, he said, about USD 200 million may come through this fiscal while the remaining may come in only in 2025-26. "We are in touch with ADB, World Ba
Fair trade regulator CCI on Tuesday cleared the World Bank's IFC, Asian Development Bank (ADB) and German government's DEG proposal to acquire a stake in Fourth Partner Energy. IFC -- a member of the World Bank Group -- is the largest global development institution focused on the private sector in emerging markets. "Commission approves the acquisition of certain shareholding of Fourth Partner Energy Pvt Ltd jointly by International Finance Corporation, Asian Development Bank and DEG - Deutsche Investitions - und Entwicklungsgesellschaft mbH," the regulator said in a post on X. Fourth Partner Energy Ltd (FEPL) is India's leading renewable energy company focusing on building and financing renewable energy projects. In August, global impact investors IFC, ADB and DEG announced an investment of USD 275 million into India's leading renewable energy solutions platform FPEL. The consortium's investment will infuse capital to fund FPEL's business expansion plans which include a target ...
The agreement was inked on December 20 and the ADB loan, with a sovereign guarantee, will be extended to the India Infrastructure Finance Company Limited
The loan agreement, under the SMILE programme, is aimed at reforming logistics, reducing costs, boosting efficiency, promoting sustainability, and driving inclusive growth in supply chain
The Asian Development Bank (ADB) has sanctioned a USD 788.8 million (over ?6,600 crore) results-based loan to Andhra Pradesh for the development of Amaravati as a green and smart capital city that offers world-class infrastructure. According to an official statement from ADB, the loan will be provided in Japanese yen, amounting to 121.97 billion yen. The Amaravati Inclusive and Sustainable Capital City Development Programme is designed to transform Amaravati into a growth hub for the region, enhancing economic prospects, providing job opportunities, and improving living conditions of the residents. ADB and other multilateral development banks (MDBs) will bring global expertise and technical support to the Government of Andhra Pradesh, establishing a strong foundation for a dynamic, sustainable, and vibrant capital city, said Mio Oka, ADB Country Director for India. We believe that Amaravati will become a replicable model for not only developing greenfield cities but also for ...
The multilateral funding agency also revised downwards its forecast for the next financial year (FY26) to 7 per cent from 7.2 per cent estimated earlier
The Asian Development Bank (ADB) on Wednesday lowered India's economic growth forecast to 6.5 per cent for the current financial year from its earlier estimate of 7 per cent due to lower-than-expected growth in private investment and housing demand. The multilateral development bank has also lowered India's growth forecast for 2025-26 financial year. Changes in US trade, fiscal, and immigration policies could dent growth and add to inflation in developing Asia and the Pacific, according to the latest edition of Asian Development Outlook (ADO). The report also said Asia and the Pacific's economies are projected to grow 4.9 per cent in 2024, slightly below ADB's September forecast of 5 per cent. "India's outlook is adjusted downward from 7 per cent to 6.5 per cent for this year, and from 7.2 per cent to 7 per cent next year, due to lower-than-expected growth in private investment and housing demand," ADB said. Last week, the Reserve Bank also significantly lowered the growth project
Shubham Housing Development Finance on Tuesday announced a Rs 1,000 crore fundraise in a round led by Multiples Private Equity. Existing investors Asian Development Bank (ADB) and British International Investment (BII) also participated in the round, which consists of a mix of primary and secondary transactions. Multiples will hold a significant minority stake in the company post-transaction. The deal comprises a primary issuance of Rs 400 crore along with a secondary purchase from early investors, the statement said. Multiples' managing director Nithya Easwaran, who will enter the company's board post deal, said the Shubham has a strong focus on asset quality and expertise in micro markets. The company, an affordable housing finance lender that provides home loans to lower-income families and emerging consumers across the country, will use the funds to drive growth across its product offerings and expand its footprint. The Gurugram-headquartered company started in 2011 and has .
Tata Power on Thursday said it has signed an initial pact with Asian Development Bank (ADB) to evaluate financing worth USD 4.25 billion for its several strategic projects. A memorandum of understanding has been signed with ADB at Baku, Azerbaijan, Tata Power said in a statement. "The MoU has been signed evaluate financing for its several strategic projects aimed at enhancing India's power infrastructure and promoting renewable and clean energy," it said. The total estimated project cost is about USD 4.25 billion, Tata Power said. The MoU outlines the evaluation of financing for several key ongoing projects such as the 966-MW solar wind hybrid project and pumped hydro storage project and other projects in the pipeline around energy transition, decarbonisation, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks. Tata Power CEO and Managing Director Praveer Sinha said, "Collaboration with ADB is a crucial step as we explore ...
The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030
Government of India and the Asian Development Bank on Wednesday signed a USD 200 million (about Rs 1,680 crore) loan to help upgrade water supply, sanitation, mobility, and other urban services in Uttarakhand. The signatories to the loan agreement for the Uttarakhand Livability Improvement Project were Juhi Mukherjee, Joint Secretary, Department of Economic Affairs, Ministry of Finance and Mio Oka, country director of India Resident Mission, for ADB, a joint statement said. Mukherjee said the project aligns with Government of India's urban development agenda as well as the Uttarakhand government's initiatives to enhance urban services, aiming to boost livability and sustainability in cities. "The project aims to create urban infrastructure that is resilient to climate and environmental risks such as floods and landslides, ensuring the safety and health of Uttarakhand's population," said Mio. It will also build the capacity of the state agencies in project management, climate and ..
India has since 2010 made noteworthy progress on fossil fuel subsidy reform through a calibrated 'remove', 'target', and 'shift' approach, the Asian Development Bank (ADB) said in a new report. "By carefully balancing the combined effect of three key policy levers - retail prices, tax rates, and subsidies on selected petroleum products - the country was able to reduce its fiscal subsidy in the oil and gas sector by 85 per cent, from an unsustainable peak of USD 25 billion in 2013 to USD 3.5 billion in 2023," it said. In its 'Asia-Pacific Climate Report', ADB said India gradually phased out the subsidy on petrol and diesel (from 2010 to 2014) and carried out incremental tax increases (from 2010 to 2017), which created fiscal space to increase government support for renewable energy, electric vehicles, and strengthening of electricity infrastructure. "The additional tax revenues from increases in excise duty on petrol and diesel from 2014 to 2017, a period of low international crude o
The Asian Development Bank (ADB) has approved a USD 434.25 million (about Rs 3,600 crore) loan to increase renewable energy capacity and improve energy security in Assam. Addressing the renewable energy capacity shortage in Assam is crucial to meet growing demand and reduce dependency on fossil fuels, ADB said in a statement on Friday. This project will help Assam develop a renewable energy road map and increase its solar energy capacity to achieve its target of 3,000 megawatts (MW) by 2030, it said. The Assam Solar Project will construct a grid-connected solar photovoltaic (PV) facility in Karbi Anglong district with a capacity of 500 MW, it said, adding the project will support the development of a grid-connected battery energy storage system to ensure grid stability and meet peak power demand. This storage system will be established through a joint venture between the Assam Power Distribution Company Limited (APDCL) and the Oil and Natural Gas Corporation Ltd. Tripura Power Comp
The Asian Development Bank (ADB) has approved a USD 241.3-million loan to improve electricity distribution in West Bengal in order to help enhance people's quality of life by ensuring reliable and sustainable power supply. "This ADB programme is aligned with the government's Revamped Distribution Sector Scheme, which aims to strengthen the operational efficiency of power distribution companies," ADB Principal Energy Specialist Roka Sanda said in a statement. Reliable and sustainable electricity distribution and service is essential to West Bengal's growth and development, the statement said. The West Bengal Distribution System Strengthening Program will improve electricity distribution for 8.96 million consumers in seven districts in the state, it said. The programme will ensure replacement of low-tension overhead lines with aerial bundled cables, separate electricity feeders for agriculture and non-agriculture users, and an integrated information and operation management system fo
Park says that if Donald Trump returns as the US president, it could be bad for Asia, including India
The Sustainable and Inclusive Tourism Development Project targets the promotion of heritage and cultural sites in the Mandi and Hamirpur districts
India must also press developed countries to fulfil their commitments on climate finance and technology transfers
OECD, ADB peg FY25 growth at 6.7% and 7% respectively
The ADB has lowered its forecast for Bangladesh's economic growth to 5.1 per cent primarily due to supply disruptions caused by political unrest in July and August, a media report said on Wednesday. The Asian Development Bank (ADB) had earlier projected that the overall production of goods and services in the South Asian country would grow by 6.6 per cent for the fiscal year (FY) 2024-25, The Daily Star newspaper reported. The Manila-based multilateral lender said it lowered the country's GDP growth projection for the current fiscal due to violent protests and recent floods. The ADB said the fiscal and monetary policies are expected to remain tight, further dampening consumption and investment demand. The lender said the forecast is highly uncertain as significant downside risks cloud the macroeconomic outlook. "These risks primarily stem from ongoing political instability, a fragile law-and-order situation, and vulnerabilities within the financial sector," it said. The ADB's lat
The Asian Development Bank has assured Pakistan it will provide USD 2 billion annually in new loans to the cash-strapped country amid the government's inability to get cheaper credit due to its worsened ratings, according to a media report on Tuesday. The assurance was given by the visiting Asian Development Bank (ADB) President Masatsugu Asakawa during his interaction with Pakistani authorities on Monday, The Express Tribune newspaper reported, citing Ministry of Economic Affairs officials. The Manila-based lender is expected to provide USD 2 billion per annum from 2024 to 2027, the officials said, adding that the total four-year package amounts to USD 8 billion. Out of the USD 2 billion, the ADB will give around USD 1 billion at a fixed 2 per cent rate under its concessional window. Despite having reached a staff-level agreement with the International Monetary Fund (IMF), Pakistan has become a desperate borrower in recent years, striking deals at unsustainably higher interest rate