Page 3 - Asian Development Bank

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 ...

Govt, ADB sign $100 mn loan agreement for development projects in Tripura

The Union government on Friday signed an agreement with Asian Development Bank (ADB) to avail of a USD 100 million loan to improve urban services and tourism facilities in the northeastern state of Tripura. The signatories of the loan agreement for the Tripura Urban and Tourism Development Project were Juhi Mukherjee, Joint Secretary Department of Economic Affairs for the Government of India, and Nilaya Mitash, Officer-in-Charge of ADB's India Resident Mission, an official statement said. After signing the loan agreement, Mukherjee said the project will improve the municipal infrastructure and public services in Urban Local Bodies (ULBs), along the main national highways in Tripura, besides upgrading key tourism sites. "The project will support the state as a gateway to the northeast region by developing tourist destinations along highways and by improving urban governance and financial sustainability through improved resource mobilisation and credit worthiness," said Mitash. He ..

Centre, Asian Development Bank sign two loan pacts worth $250 million

Manila-based Asian Development Bank (ADB) on Monday said it has approved two loans, including funding for the construction of an 82-km Delhi-Meerut Regional Rapid Transit System (RRTS) corridor, of USD 250 million each. The other loan of USD 250 million towards continued support to industrial corridor development to make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs. Earlier, ADB approved a USD 1,049 million Multi-tranche Financing Facility (MFF) for the project in 2020 to support the construction of RRTS, the first of three priority rail corridors planned under the NCR Regional Plan 2021, to connect Delhi to other cities in adjoining states, a finance ministry said in a statement. The RRTS will have multi-modal hubs to ensure smooth interchange with other transport modes, it said, adding the first tranche of the ADB loan amounted to USD 500 million with another USD 500 million ...

ADB raises India FY24 growth forecast to 6.7%, cites industry performance

China in 2024 is expected to slow down to 4.5%, says lender in report raising estimate for Developing Asia

ADB to give $200 mn loan for U'khand climate resilient power system project

Government of India and the Asian Development Bank (ADB) on Wednesday signed an agreement for a USD 200 million loan to improve the quality, efficiency, and reliability of power supply in Uttarakhand. The signatories to the loan agreement for the Uttarakhand Climate Resilient Power System Development Project were Juhi Mukherjee, Joint Secretary, Department of Economic A?airs and Hoe Yun Jeong, Deputy Country Director and Officer-in-Charge of ADB's India Resident Mission, for ADB, the finance ministry said in a statement. "The ADB funding for the project will strengthen power system infrastructure and help Uttarakhand in achieving its goal of providing 24x7 power to its residents," said Mukherjee after signing the loan agreement. "The project will enhance the power system network's capabilities, facilitating the seamless integration and transmission of renewable energy to load centres. Simultaneously, it involves upgrading the distribution system to minimize power outages and reduce

Asian Development Bank approves $200 mn loan to debt-stricken Sri Lanka

The Asian Development Bank said on Friday that it has approved USD 200-million concessional loan to debt-stricken Sri Lanka to help stabilise the country's finance sector following an unprecedented economic crisis that engulfed the Indian Ocean island nation last year. The bank's announcement comes as Sri Lanka is awaiting International Monetary Fund approval for the second installment of a USD 2.9-billion bailout package to rescue the country from bankruptcy. The ADB said its Financial Sector Stability and Reforms Program for Sri Lanka includes two subprogrammes of USD 200 million each that would help strengthen the stability and governance of the country's banking sector, and deepen sustainable and inclusive finance, particularly for women-led micro, small, and medium-sized enterprises. The programme's overarching development objective is fully aligned with the country's strategy of maintaining finance sector stability, while ensuring that banks are well-positioned for eventual ..

Cash-strapped Pakistan secures $655 million financing package from ADB

Cash-strapped Pakistan has secured a USD 655 million financing package, including an expensive USD 300 million loan at market rates, from the Asian Development Bank, days after Finance Minister Shamshad Akhtar declared the country's public debt as unsustainable. The ADB approved a financing package for Pakistan under three different loans. Among other components, these include USD 300 million for improving domestic resource mobilisation; USD 275 million for rehabilitating schools damaged by the devastating August 2022 floods; and USD 80 million for enhancing agricultural productivity to improve food security, according to an announcement by the ADB on Wednesday. The announcement by the Manila-based lending agency came as the World Bank's Debt Management and Sustainability Mission met with Finance Minister AKhtar to review the debt management of the country, reported the Express Tribune newspaper. Last week, Dr Akhtar announced that Pakistan's debt burden has become unsustainable --

ReNew inks initial pact with Asian Development Bank for $5.3 bn funding

Renewable energy firm ReNew Energy Global Plc has inked an initial pact with the Asian Development Bank (ADB) for a funding of USD 5.3 billion. "The MoU was signed at COP28, Dubai by ReNew's Founder, Chairman and CEO, Sumant Sinha and Suzanne Gaboury, Director General, Private Sector Operations Department, ADB," a company statement said. According to the statement, the MoU identified potential investments in renewable energy projects, manufacturing, carbon offset projects, green hydrogen, to jointly support sustainable energy transition. ReNew Energy Global Plc and ADB will also collaborate on climate change mitigation and adaptation projects, it said. The initial pact covers lending of more than USD 5.3 billion between 2023 and 2028, it informed. The MoU, a first of its kind in the Indian Renewable Energy sector, is expected to draw interest from additional international investors to participate in financing long-term debt for significant Renewable Energy infrastructure projects,

L&T Finance inks pact with Asian Development Bank for $125 mn funds

Out of the proceeds 40 percent of it are allocated for women borrowers, while the rest will support farmers, and MSMEs, as well as loans to purchase new two-wheeled vehicles, the release stated

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

ADB joins hand with Bengal govt to study economic corridors' development

The Asian Development Bank (ADB) has joined hands with the West Bengal government to undertake a study for the development of state economic corridors, a government statement said on Friday. The ADB is "keen to support the projects with technical expertise and funding", it said. The government, in the statement, said the study aims at "strategising economic development across the nodes of Andal-Panagarh, Kharagapur-Goaltore-Salboni and growth centres such as Siliguri, Dankuni and Kalyani with urban-industriallogistics-skills-energy-social sector convergence". The ADB has worked on a number of landmark projects, including the East Coast Economic Corridor and the Bangladesh Corridor study, it said. During the day, a stakeholder consultation meeting was held by Chief Secretary H K Dwivedi with key industries on the Industrial and Economic Corridor Project. Senior representatives from ADB, consulting firm Deloitte, industry body FICCI and various businesses of the industrial parks alo

G20 FMCBG meeting at Marrakesh: All eyes on MDB reform road map

On crypto assets, Lavasa said it may not be a major priority as there are several issues related to it that require acceptance

MDBs need to be bigger and better, but donor money is constrained: ADB's Um

Woochong Um in a virtual interview said that they need to double, triple and quadruple what they can do and bring in private capital

World Food Programme to give assistance to 1.3 mn people across Afghanistan

The ADB added that a $100 million grant will go to the WFP

Basel-III rules to give Nabard room to double balance sheet from April 2024

Shaji K V, chairman of Nabard, said at present the institution is adequately capitalised and under the Basel framework the capital adequacy ratio will be upward of 20 per cent

ADB unlocks $100 bn funding capacity with capital management reforms

The reforms, carried out through an update of ADB's Capital Adequacy Framework (CAF), would expand the bank's annual new commitments capacity to more than $36 billion

ADB unveils capital moves to boost lending by $100 billion over a decade

ADB's move to stretch its balance sheet follows similar measures announced by the World Bank earlier this year that will yield a $50 billion increase in lending over a decade

G20 & beyond: Multilateral banks take centre stage

As Multilateral Development Banks lead the charge to achieve sustainable development goals, here are four clear paths they should follow

S&P retains India's FY24 GDP forecast at 6% on slowing world economy

ADB had revised downwards India's growth forecast for FY24 by 10 basis points to 6.3 per cent due to erratic monsoon patterns, thus affecting agricultural output