ADB to support green and inclusive post-COVID-19 economic recovery in India
Sep 10, 2022
New Delhi [India], September 10 : Asian Development Bank (ADB) Vice-President Shixin Chen during his India visit from 5th to 9th September reiterated ADB's commitment to further strengthen its partnership with India and affirmed ADB support to the government's development priorities that target the country's fast, green, and inclusive post-COVID-19 economic recovery, ADB said on Saturday.
During his visit to New Delhi, Chen met with Department of Economic Affairs (DEA) Secretary and ADB Alternate Governor Ajay Seth and commended the achievement of record $4.87 billion of ADB lending commitment, including $274 million for private sector operations, to India in 2021 and discussed the future cooperation.
"ADB will continue to work closely with the Government of India to support the government's priorities in reinvigorating economic activity to generate more jobs, improve productivity, and create livelihood opportunities held back by the pandemic," Chen said in a statement.
"To achieve this, ADB will enhance investments in health and education; micro, small, and medium-sized enterprises; and public sector management, aside from supporting India's national flagship initiatives in infrastructure, logistics, urban development, economic corridor development, and green growth," he said.
ADB's current India portfolio comprises 62 ongoing projects worth $14.65 billion across transport, urban, energy, human development, agriculture and natural resources, and finance sectors.
Chen underscored that ADB aims to help India battle against climate change by serving as the climate bank for Asia and the Pacific. Support to climate actions in India will focus on decarbonisation of transport, energy transition, climate change adaptation, air quality and water resources improvements, and disaster risk management.
ADB also endeavors to mainstream gender equality and social inclusion into the design, implementation and monitoring of ADB-funded projects, and enhance regional cooperation through South Asia Sub-regional Economic Cooperation (SASEC) platform.
ADB's upcoming country partnership strategy (CPS, 2023-2027) for India is under preparation, which will guide ADB's India operations. To kick off the CPS formulation through a comprehensive stakeholder consultation process, Mr. Chen along with Mr. Seth opened the day-long national workshop on 6 September to discuss the CPS priorities. Jointly organized by ADB and DEA, the workshop was attended by over 65 senior officials from central government ministries and the state governments. The vice-president chaired separate meetings with private sector representatives and development partners to discuss the CPS priorities.
Chen also held sector-specific discussions with secretaries of ministries of road transport and highway; new and renewable energy; environment, forest, and climate change; and Director General of The Energy and Resources Institute.
On 7-8 September, Chen travelled to Bengaluru and led the state-level consultation meetings on the CPS with senior state officials led by Chief Secretary Vandita Sharma and also discussed ADB's ongoing and planned future support across various sectors in Karnataka.
He also visited the sites of the ADB-financed Delhi-Meerut Regional Rapid Transit System project and Bengaluru metro project.
