ADB to increase lending to India, to raise funds in bond market
Asian Development Bank will enhance funding to India to three billion dollars annually for the next three years and raise funds in the country's bond markets for investing in infrastructure development in the country.
By PTI |
NEW DELHI: Asian Development Bank on Thursday said it will enhance funding to India to three billion dollars annually for the next three years and raise funds in the country's bond markets for investing in infrastructure development in the country.
"India requires huge investments in the infrastructure sector and 70 per cent of the annual three billion dollars would go to sectors like power, roads and rural infrastructure," ADB Managing Director General Rajat Nag told reporters on the sidelines of the CITI-FT Financial Education Summit here.
ADB currently lends about 2-2.5 billion dollars to India and beginning 2008, this would be increased to three billion dollars, which would be invested through the public sector for infrastructure development.
Nag said it is estimated that about 1.6 trillion dollars would be required for infrastructure development in India over the next 10 years.
The bank is also in the process of raising money through bonds in fiscal 2009 for investment in India, he said.
"We are ready and have talked to the authorities concerned to raise local currency for investment in the country. We are waiting for the market conditions to be right," he said without divulging the quantum of money that the Bank would raise.
"India requires huge investments in the infrastructure sector and 70 per cent of the annual three billion dollars would go to sectors like power, roads and rural infrastructure," ADB Managing Director General Rajat Nag told reporters on the sidelines of the CITI-FT Financial Education Summit here.
ADB currently lends about 2-2.5 billion dollars to India and beginning 2008, this would be increased to three billion dollars, which would be invested through the public sector for infrastructure development.
Nag said it is estimated that about 1.6 trillion dollars would be required for infrastructure development in India over the next 10 years.
The bank is also in the process of raising money through bonds in fiscal 2009 for investment in India, he said.
"We are ready and have talked to the authorities concerned to raise local currency for investment in the country. We are waiting for the market conditions to be right," he said without divulging the quantum of money that the Bank would raise.
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