New Delhi: Asian Development Bank (ADB) President Masatsugu Asakawa has pledged a $10 billion investment in India’s urban infrastructure over the next five years. The announcement came during a meeting with Prime Minister Narendra Modi at his official residence in New Delhi, where both leaders discussed India’s developmental progress and future ambitions.
The investment aims to modernize urban systems across the country, focusing on municipal infrastructure, metro network expansions, new regional rapid transit system (RRTS) corridors, and the overall upgrade of urban services.
In a post on X, the ADB chief expressed strong support for India’s long-term vision, stating, “The Viksit Bharat 2047 vision is bold and the ADB is supporting that ambition.” Prime Minister Modi echoed this sentiment, highlighting the shared commitment to India’s transformation and the empowerment of its citizens.
This marks Masatsugu Asakawa’s first official visit to India since assuming the ADB presidency. He emphasized ADB’s dedication to mobilizing capital and enhancing public-private collaboration to support India’s goal of becoming a developed nation by 2047.
ADB’s active urban portfolio in India currently includes 27 projects worth $5.15 billion, supporting infrastructure initiatives in over 110 cities across 22 states. These projects span critical sectors such as water supply, sanitation, housing, and solid waste management.
During his visit, the ADB president also held discussions with Finance Minister Nirmala Sitharaman on promoting rural prosperity, expanding rooftop solar adoption, and activating the Urban Climate Fund (UCF). He also met Urban Development Minister Manohar Lal Khattar to strategize on boosting private sector investments in urban infrastructure.
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