ADB unveils $7-9 billion boost for India

Signalling its commitments to India’s infrastructural development, the Asian Development Bank has announced its plan to provide India $7-9 billion credit line over the next three years.

“ADB’s operations for India will maintain high level of lending, amounting to a total of $7-9 billion over the next three years,” said ADB president Takehiko Nakao in New Delhi on August 27.

Takehiho Nakao, who is in India for his two-day visit, also added that ADB would also provide USD 30 million for technical assistance grants, especially for institution and capacity building at the state and local levels.

These announcements came a day after the multilateral funding agency raised $ 50 million from its first ever issuance of offshore Indian rupee-linked bonds, as part of ADB’s $ 500 million offshore rupee-linked bond programme.

According to an ADB press release on August 26, the issuance of offshore Indian rupee bonds seeks to develop India’s capital markets,

“There is clear demand for bonds linked to the Indian economy, Asia’s third largest, and the reception to ADB’s inaugural rupee-linked bond is reflective of this,” said Kazuki Fukunaga, ADB Deputy Treasurer.

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