Asian Development Bank

ADB approves $789 mn loan to develop Amaravati as smart, green city

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 ...

Asian Development Bank lowers India's growth forecast to 6.5% for FY25

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

ADB cuts India FY25 GDP growth forecast to 6.5%, 7% in FY26 on weak demand

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 raises Rs 1,000 crore in round led by Multiples PE

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, ADB ink pact for $4.25 bn finance for key energy projects

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 ...

ADB boosts climate finance after US, Japan give first sovereign guarantees

The ADB has set a long-term cumulative climate finance lending target of $100 billion between 2019 and 2030

ADB commits $200 mn to upgrade water supply, other services in Uttarakhand

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's progress on fossil fuel subsidy reform noteworthy, says ADB

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

ADB commits $434.25 million loan to improve energy security in Assam

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

ADB commits $241 mn loan to improve power distribution in West Bengal

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

West Asia conflict may create challenges for India: ADB Chief Economist

Park says that if Donald Trump returns as the US president, it could be bad for Asia, including India

ADB grants $162 mn loan for new infra, tourism boost in Himachal Pradesh

The Sustainable and Inclusive Tourism Development Project targets the promotion of heritage and cultural sites in the Mandi and Hamirpur districts

India must balance EU carbon tariffs with economic interest, climate action

India must also press developed countries to fulfil their commitments on climate finance and technology transfers

Asian Development Bank projects faster GDP growth for India in coming qtrs

OECD, ADB peg FY25 growth at 6.7% and 7% respectively

ADB cuts Bangladesh's growth forecast to 5.1% due to political unrest

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

ADB assures cash-strapped Pakistan $2 billion in new loans annually: Report

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

ADB asks Pakistan to adopt Indian scheme ULLAS to fix its education system

The Asian Development Bank (ADB) has advised Pakistan to adopt India's scheme ULLAS to fix its dysfunctional education system and impart quality training to its citizens, according to a media report. The Manila-based lender's recommendation came in response to Pakistan's request for financial support to improve its education system and impart education to all out-of-school children, The Express Tribune newspaper said. The Understanding of Lifelong Learning for All in Society (ULLAS) was launched by the Government of India in July last year to help non-literates and adults who missed out on formal schooling. The ADB recommends that the government adopt a strategic and multi-stakeholder consultative approach, drawing on international best practices, such as the government of India's new centrally sponsored scheme "ULLAS", according to the lender. The ADB emphasised that the ULLAS scheme emphasises the need for both federal and provincial governments to collaborate urgently to enhance

ADB to give $200 mn loan to India for solid waste management in 100 cities

Asian Development Bank and the Government of India recently signed a USD 200 million (about Rs 1,700 crore) loan to improve solid waste management and sanitation in 100 cities across eight states in the country. The signatories to the loan agreement for the Swachh Bharat Mission 2.0 -Comprehensive Municipal Waste Management in Indian Cities Program were Juhi Mukherjee, Joint Secretary, Finance Ministry, and Mio Oka, Country Director for Asian Development Bank (ADB) - India Resident Mission, the Manila-based multilateral funding agency said in a statement on Tuesday. After signing the loan agreement, Mukherjee said that the programme supports the objectives of the government's Swachh Bharat (Clean India) Mission - Urban 2.0 by enhancing sanitation and solid waste management infrastructure, including waste segregation, collection and disposal. "This programme is guided by lessons derived from ADB's experience in urban infrastructure development across several states and will incorpora

Strong fiscal position likely to enhance India's growth, says ADB

Asian Development Bank keeps FY25 growth projection unchanged at 7%

ADB keeps India's GDP growth projection for FY25 unchanged at 7%

Projection must be weighed against 'downside risks from weather events and geopolitical shocks', it says