On meeting PM Modi, ADB President suggests $25 billion in assistance for India's development goals.

  Masatsugu Asakawa congratulated PM Modi on India assuming the G20 leadership and reaffirmed ADB's continuous support for the G20 agenda.

On February 22, 2023, in New Delhi, Prime Minister Narendra Modi met with Masatsugu Asakawa, the head of the Asian Development Bank. Image Source: The Hindu

On Tuesday, February 22, 2023, Asian Development Bank President Masatsugu Asakawa met with Prime Minister Narendra Modi and announced ADB's plan to give USD 20–25 billion in resources over five years to support India's ambitions for rapid, inclusive, and environmentally friendly growth.

The Manila-based multilateral lending organisation said in a release that during a discussion with the Prime Minister, its president covered a wide variety of topics, including ADB support for India's infrastructure, social development, and environmental initiatives.

After receiving considerable input from stakeholders, the ADB is now finalising the new five-year country partnership strategy (CPS) for India.

Asakawa claims that "ADB will offer comprehensive support for India's key priorities, including the significant infrastructure push under the PM's Gati Shakti (National Master Plan for Multimodal Connectivity) initiative, building future cities, mobilising domestic resources, and strengthening basic services in underserved districts."

He also congratulated Mr. Modi on India's assumption of the G20 leadership and restated ADB's support for the G20 agenda.

As an invited foreign organisation to the G20 meetings and Leaders' Summit, the ADB is assisting India's presidency aims in the finance and sherpa tracks, according to a press statement.

According to one of the tweets, FM suggested to Mr. Asakawa that ADB may align its priorities with the government of India's vision for #Amritkaal and initiatives like #EnergyTransition, #PMGatiShakti, #LogisticsPolicy, #IndustrialCorridors, #ClimateChange adaptation, Circular Economy, Health, #MissionKarmayogi, and #SkillIndia.

Mr. Asakawa applauded the Finance Minister for giving green growth top priority in the Union Budget for 2023–2024.

He told Sitharaman that the South Asia Sub-Regional Economic Co-operation (SASEC) secretariat had been established at ADB's India headquarters on the direction of Prime Minister Modi.