Page 2 - Asian Development Bank

ADB approves $170 million loan to strengthen health sector in India

The $170 million policy-based loan will help in the implementation of the government's National Health Policy 2017

Govt should focus on infra, structural reforms for jobs: ADB's Mio Oka

India's economic growth has proven resilient post-COVID, even amidst global challenges, said Mio Oka

ADB's Board of Governors approve $1.42 billion in 2023 allocable net income

$292.5 million to the Asian Development Fund, which provides grants to ADB's poorest and most vulnerable developing member countries

India urges ADB not to overlook its focus on growth, shared prosperity

India on Sunday urged the Asian Development Bank (ADB) not to overlook its focus on reduction of remaining poverty while promoting sustainable growth for the member nations in the Asia Pacific region. Making intervention at the Board of Governors Business Session at the 57th Annual Meeting of ADB, India's Temporary Alternate Governor Vikas Sheel said the bank has played a critical role in facilitating measures of faster economic development, reducing poverty and promoting regional cooperation while effectively addressing the challenges and delivery of global public goods. "We note with concern that economic growth and dealing with the remaining poverty do not find a place in the enhanced focus areas of the ADB in the review of its Strategy 2030. We urge ADB not to overlook the ADB's charter mandate on growth and shared prosperity," he said. He assured India's continued support to work towards accelerated inclusive and sustainable growth in Asia and the Pacific. Due to ongoing gener

Asian Development Fund to be replenished with $5 billion: ADB Prez Asakawa

The Asian Development Fund (ADF) will be replenished with USD 5 billion to support most vulnerable sections in the Asia Pacific region. Donors and the Asian Development Bank (ADB) have agreed for the replenishment of ADF and Technical Assistance Special Fund (TASF) during the 57th Annual Meeting of the Manila-based multilateral funding agency here. ADF is ADB's largest source of grants for operations in its poorest and most vulnerable developing member countries and is replenished every four years. ADB President Masatsugu Asakawa said ADF 14, marking the 13th replenishment since the fund's establishment, will support grant operations during 2025 -2028. The current replenishment is about 22 per cent higher than the USD 4.1 billion available in ADF 13, and will provide eligible ADB members with the largest-ever volume of ADF grants, he said. The TASF 8 will provide grants that help prepare projects, build capacity, and provide technical or policy advice. "We meet amidst multiple ..

ADB open to funding space sector in India, says VP Bhargav Dasgupta

The Asian Development Bank is open to funding the space sector in India in addition to focusing on climate finance to mitigate the associated risks, said its Vice President Bhargav Dasgupta on Friday. ADB has done some projects in satellite in the Asia Pacific region, but has not provided any assistance in the Indian space sector. "We have not done much till now. We are always open to look at new areas...we understand it has been opened up and there is lot of interest on startup side...if we find alignment with our objectives in terms of Sustainable Development Goals (SDGs), we will look at it," he said. Last month, the government notified amendments to the foreign direct investment policy in the space sector to attract offshore investors in satellite manufacturing and satellite launch vehicles segments. Talking about initiatives in India, Dasgupta said, "we are very excited about the work that is happening in the country including recently launched rooftop solar projects, large so

India needs to expand universal health coverage for ageing population: ADB

India is one of the lowest among the Asia Pacific nations when it comes to health insurance for older people and needs to expand universal health coverage to meet the needs of rapidly ageing population and sustain growth momentum, a report by ADB said on Thursday. While the South Korea and Thailand have achieved universal health coverage, others lag behind with India having the lowest health insurance coverage among older people at 21 per cent, a report titled 'Aging Well In Asia' prepared by ADB said. However, schemes like Ayushman Bharat that provides cashless healthcare to bottom quartile of population has improved health coverage since its launch, ADB senior economist Aiko Kikkawa said here. Expanding it further will improve the condition and make people aged over 60 years more productive for the economy, she said, adding, silver dividend can be higher for such countries who gainfully employ them. Besides achieving universal health coverage, she said, it is also critical to ext

ADB's numbers on climate adaptation finance in Asia 'overstated': Oxfam

The Asian Development Bank's actual finance numbers for its largest climate adaptation projects in countries in Asia, including India, are "overstated" and could be off by 44 per cent, USD 0.9 billion instead of the reported USD 1.7 billion, Oxfam claimed in a report. The ADB, however, reaffirmed its figures, standing by its methodology and commitment to deliver USD 100 billion in climate financing by 2030, with USD 34 billion earmarked for adaptation and resilience. "We stand by our climate adaptation finance numbers" and the bank's determination is to fulfil its climate financing goals and its recent increase in climate finance commitments in 2023, a spokesperson of the Asian Development Bank (ADB) said, responding to the report released by Oxfam, a non-profit. The report "Unaccountable Adaptation: The Asian Development Bank's overstated claims on climate adaptation finance" focused on ADB's largest climate adaptation projects in Asia and the Pacific, examining 15 major initiative

Pak has highest living cost in Asia with a 25% inflation rate: ADB

Pakistan has the highest living cost in all of Asia with a 25 per cent inflation rate and its economy may grow at the fourth lowest pace of 1.9 per cent in the region, according to a new Asian Development Bank (ADB) report. The report was released on Thursday in Manila. The Express Tribune reported that, the Asian Development Outlook also painted a gloomy picture for the next fiscal year as well, projecting 15 per cent inflation rate for the next fiscal year -- again the highest among 46 countries and a 2.8 per cent growth rate -- the fifth lowest for FY 2024-25. The Manila-based lending agency stated that the inflation rate in Pakistan is expected to be 25 per cent in the current fiscal year -- the highest in all of Asia. This makes Pakistan the most expensive nation in Asia. Earlier, the cost of living in Pakistan used to be the highest in South Asia. The State Bank of Pakistan (SBP) and federal government had set the inflation target at 21 per cent for this fiscal year but they

ADB ups India GDP forecast to 7% for FY25 on investments, consumer demand

Supply line disruptions and weather shocks to agriculture are key risks to outlook, says lender

ADB raises India's GDP growth forecast for FY25 to 7% from 6.7% earlier

The ADB had in December last year projected the Indian economy to expand 6.7% in the 2024-25 fiscal

No country is fully prepared for future pandemics, says ADB report

India's score on the Global Health Security Index declined from 43.6 in 2019 to 42.8 in 2021. The country's score was lower than others. Japan, Brazil and Russia, meanwhile, recorded an improvement

FM meets ADB vice prez, urges to become partner in development agenda

Finance Minister Nirmala Sitharaman on Monday met Asian Development Bank's new Vice-President (market solutions) Bhargav Dasgupta and discussed ways to further the development agenda. "Both exchanged views on how @ADB_HQ may partner with India to further the development agenda. They also discussed harnessing ADB's convening power to crowd in other public and private sector institutions to participate in India's growth," the finance ministry said in a post on X. ADB in September 2023, appointed Dasgupta as VP for a period of three years. Prior to this, he was MD and CEO of ICICI Lombard General Insurance. Established in 1966, ADB is owned by 68 members 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.

Govt, ADB ink $23 milllion loan agreement to strengthen fintech ecosystem

The government and the Asian Development Bank (ADB) on Thursday signed a USD 23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City. GIFT City is an initiative of the Centre and the Gujarat government to foster India's financial services and fintech ecosystem, the finance ministry said in a statement. As per the loan agreement, a fintech institute will be set up at GIFT City. The pact was signed by Finance Ministry Joint Secretary Juhi Mukherjee and Officer-in Charge of ADB's India Resident Mission Rajesh Vasudevan. After signing the agreement, Mukherjee said the project will establish International Fintech Institute (IFI) to strengthen fintech education, boost startup success rates, and drive fintech research and innovation. "The project's emphasis on market-driven fintech skills programmes, creating enabling environment for private sector investment and enhancing collaboration between indust

EU carbon border tax will do little to cut emissions, says ADB report

It was designed to level the playing field and make foreign suppliers pay the same carbon price as domestic ones, even if they are not subject to an ETS or carbon tax at home

EU emissions tariff system must be fair to developing world: CEA

The Carbon Border Adjustment Mechanism (CBAM) aims to set a fair price on the carbon emitted during the production of energy-intensive products, like iron, steel, cement, and fertilizers, entering EU

Asian Development Bank appoints Mio Oka as country director for India

Asian Development Bank (ADB) on Monday appointed Mio Oka as its country director for India. He will succeed Takeo Konishi who has been promoted as ADB Director General for South Asia at the Manila headquarters. Oka will take charge of steering ADB operations in India and fostering relations with the government and the country's other development partners, ADB said in a statement. She will lead the implementation of ADB's country partnership strategy, 20232027 that is designed to catalyse robust, climate-resilient, and inclusive private sector-led growth in India, it said. This will be achieved through accelerated structural transformation and job creation, promotion of climate-resilient green growth, and enhanced social and economic inclusiveness, it added. Since the start of its country operations in 1986, ADB has been a steadfast partner in supporting India's development goals and economic growth. "ADB remains committed to bolster India's inclusive and green growth momentum thr

ADB mobilises Rs 1,250 cr through issuance of green bonds in local market

The Asian Development Bank on Wednesday said it has garnered Rs 1,250 crore (about USD 150 million) through its largest local currency green bond issue so far. The issue is structured as a 4-year currency linked bond, with a one-time repayment at maturity and carrying a fixed interest rate of 6.72 per cent per year, ADB said in a statement. The bond is denominated in Indian rupees but settled in United States dollars, with returns to investors indexed to the performance of the Indian currency, it said. Such bond structures are popularly known as masala bonds in the Indian financial community, it said. Proceeds of the green bond will be deployed to finance ADB's private sector renewable energy and green finance projects, which adhere to ADB's priority for tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability, it said. "Sustainability is a key driver for international capital markets, and ADB is long established as a regular is

Ugro Capital raises Rs 250 crore in debt from Asian Development Bank

MSME-focused non-banking lender Ugro Capital on Wednesday said it has raised Rs 250 crore in debt from the Asian Development Bank (ADB). The funding from the developmental lender through subscribing to its non-convertible debentures will be used for on-lending. The company had raised a similar amount of debt in December 2023 through a similar debt sale from the Dutch entrepreneurial development bank FMO. Ugro has an asset under management of Rs 8,363.8 crore as of December 2023. Over the last five years, it has raised a total of Rs 9,137.8 crore in equity and debt from diverse institutional sources, Ugro founder and managing director Shachindra Nath said. Suzanne Gaboury, director-general for private sector operations at ADB, said MSME finance is a key driver for financial inclusion, and Ugro's efforts at solving the credit need of small businesses are in line with the bank's vision of promoting inclusive and sustainable prosperity in Asia and the Pacific.

Pakistan's current economic model not working, says World Bank official

Pakistan's current economic model is not working, a top World Bank official has said, underlining that the cash-strapped nation must change policies that have plagued development and benefitted only a few. The remarks by World Bank Country Director Najy Benhassine came in a Policy Vision article, published in the latest UNDP publication. Pakistan's current economic model is not working since it has fallen behind its peers, significant progress in poverty reduction has now started to reverse, and the benefits of growth have accrued to a narrow elite, Benhassine said. There is a broad consensus that action is needed to change policies that have plagued development, benefitted only a few, and led to very volatile and low growth, the Dawn newspaper quoted Benhassine as saying. Pakistan is heavily exposed to climate change, with the potentially devastating impacts of climate shocks and natural disasters already apparent, he said in Development Advocate Pakistan, the UNDP's quarterly ...