Page 4 - Asian Development Bank

Nearly 2 million people in Afghanistan face acute food insecurity: UN

The organisation said that 41 million people in Afghanistan face severe food insecurity at an alarming level

Asian Development Bank appoints Bhargav Dasgupta as VP of market solutions

This comes after Dasgupta stepped down as managing director and chief executive officer of ICICI Lombard General Insurance Company on Thursday

ADB lowers FY24 GDP forecast to 6.3%, India Ratings raises it to 6.2%

ADB has, however, retained FY25 growth forecast at 6.7 per cent, citing rising private investment and industrial output are expected to drive growth

FM Sitharaman discusses capital adequacy framework with World Bank, ADB

Sitharaman and Banga stated that they look forward to Volume 2 of the report that will be submitted during the 4th FMCBG meeting in Morocco in October

Pak requests $300 mn loan from Asian Development Bank for water project

This project aims to improve energy, water and food security in the country

ADB approves $40.5 mn loan for Meghalaya early childhood development scheme

Asian Development Bank (ADB) on Wednesday said it has approved a USD 40.5-million loan for integrated early childhood development (ECD) and maternal mental health programme in Meghalaya. The state government is contributing USD 15.27 million to the project, the multilateral funding agency said in a statement. The project will strengthen home-based childcare (children 01.5 years) and centre-based childcare (1.56 years) through daycare (Anganwadi) centres in Meghalaya, it said. The project aims to improve access to nurturing care, including a component of maternal mental healthcare and group-based parenting programmes to enable the inclusion of fathers in caregiving, it said. ADB's assistance will also improve nutrient adequacy by adding eggs to the diet of pregnant and lactating women and children aged 0.56 years, it said. As one of several climate-resilient features, the project will also help establish nutrition gardens at Anganwadi centres (AWC) for improved diet diversity and .

ADB, India Sign $200 million loan to expand urban services in Rajasthan

The Asian Development Bank will provide additional financing to support the Rajasthan Secondary Towns Development Sector Project to improve water supply, sanitation systems, and urban resilience

ADB, India sign $295 mn loan pact to upgrade state highways in Bihar

Asian Development Bank (ADB) and the central government on Thursday signed an agreement for a USD 295 million loan to upgrade around 265-kilometre state highways with climate and disaster-resilient design and road safety elements in Bihar. The project supports the Bihar government programme to upgrade all state highways to standard two-lane widths and improve road safety, ADB said in a statement. The improved roads will enhance connectivity in some of Bihar's poorest rural districts and promote access to health and education facilities and markets to improve people's lives, it added. The project will also encourage women's participation by providing employment to female workers in construction works, it said, adding training in livelihood as well as awareness on road safety, health, hygiene, abuse and harassment will be offered to women from communities in the project areas. Since 2008, ADB has provided five loans totalling USD 1.63 billion to Bihar for the upgradation of about ...

Sensex consolidates at 67,000-mark; Nifty less than 1% away from 20K

With multiple forces at work, markets continue to touch new highs

Multilateral development banks pledge upto $27 bn for India's green growth

The government commits to green hydrogen development, encourages collaboration with private sector as global demand for hydrogen is expected to reach 200 million tons by 2030

ADB approves $50 million loan to help Nepal in making policy reforms

The Asian Development Bank (ADB) on Thursday said it has approved a USD 50 million loan to the Nepal government to support the implementation of policy reforms and help improve the Himalayan nation's domestic and international trade with its key economic partners like India and Bangladesh. The development of the trade and industry sector will boost competitiveness and help steer the country toward sustainable economic growth, said ADB South Asia Department's Director of Regional Cooperation and Operations Coordination, Thiam Hee Ng. Furthermore, improved trade facilitation can boost exports and help address Nepal's balance of payment, he said. In fiscal year 2022, trade and industry contributed 14.1 per cent to Nepal's gross domestic product (GDP). The Nepal government is pushing to increase the contribution of trade to the country's GDP by improving the trade and export promotion environment and strengthening the supply chain of primary products, according to an ADB press ...

IMGC to focus on strengthening partnerships with finance institutions: CEO

India Mortgage Guarantee Corporation (IMGC) would focus on strengthening partnerships with banks and financial institutions, a top official said on Tuesday. The company is backed by marquee investors -- Enact MI, Sagen (Brookfield Group), National Housing Bank, IFC (World Bank Group), And Asian Development Bank. The mortgage guarantee company, since its inception in 2012 has breached Rs 20,000 crore in home loan guarantees to over one lakh customers across 400 locations. In FY2022-23, IMGC doubled its market share in South India accounting 30 per cent of all originations in the region. The company guaranteed Rs 2,300 crore in home loans for over 18,000 families. "IMGC's expansion plans revolve around enhancing its participation in the housing ecosystem to enable first-time homeownership and provide ongoing support to existing homeowners," IMGC CEO Mahesh Misra said. "Strengthening partnerships with banks and financial institutions is a key focus for IMGC, ensuring that more India

FinMin, ADB organise workshop on Expected Loss-based Credit Rating System

The Ministry of Finance and Asian Development Bank (ADB) on Monday organised a workshop on Expected Loss-based Credit Rating Mechanism. The workshop was addressed by Economic Affairs Secretary Ajay Seth, the finance ministry said in a tweet. Around 120 representatives from banks, regulators, project developers, industrial associations, financial institutions and institutional investors participated in this workshop, it added. Experts from credit rating agencies, the Reserve Bank of India, banks, industry associations and financial institutions deliberated on the array of topics related to EL-based credit rating mechanism and their potential impact on infrastructure projects.

Cambodia about to graduate from least developed country status: ADB

It added that the Southeast Asian nation should consider forging new trade agreements with its major partners while improving the implementation and utilization of existing ones

ADB launches country partnership strategy for climate-resilient growth

It will focus on accelerating structural transformation and job creation, promoting climate-resilient growth, and deepening social and economic inclusiveness, during its partnership period 2023-2027

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 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

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