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India’s engagement with ADB growing
by Jo BlackIndia has grown its engagement with Asian Development Bank (ADB) over the last few years, particularly in the last two years, as the country’s portfolio has grown substantially to include a loan amount of $7.3 billion.
Disbursement ratios have also improved exponentially to about 25% in the year 2007 and the country wide coverage of the ADB portfolio has also spread.
This was disclosed by Indian Finance Minister, Mr. P. Chidambaram.
While speaking at the meeting of the Parliamentary Consultative Committee attached to his Ministry in New Delhi, the minister said that this has been very useful to the country and it should further enhance this engagement.
He disclosed that disbursement of different ADB projects and programmes in India has increased from $400 million in 2004 and the aim is to achieve the target of $1620 million in 2008.
He said that India is one of the highly valued members of ADB and ADB looks for further engagement with the country.
Providing further details, the minister said that Department of Economic Affairs holds meetings with line Ministries and in consultation with ADB, the final country strategy programme is formulated.
For the period 2008 to 2010, there are 31 projects covering energy, transport, urban development, agriculture and financial sectors and the total estimated amount is US $ 9200 million.
He added that the agriculture sector has been included from 2003 and in India’s final country strategy programme for 2008-2010, for loans amounting to US$ 850 million would be devoted to this sector.
Chidambaram said that support for infrastructure development has remained the core focus of the assistance from ADB.
He informed the meeting that as on 31st December, 2007, there 100 loan agreements amounting to US$ 14,471 million in the sectors of energy, finance, agriculture, environment and natural resources, transport and communication, urban development and industry and non-fuel minerals.
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