New Delhi: Union Finance Minister Arun Jaitley laid stress on capital increase in the Asian Development Bank (ADB) to maintain a leading role in development financing in Asia.
This was part of the finance minister’s opening remarks when ADB president Takehiko Nakao called on him in his office here today. Jaitley complimented the ADB president for his efforts in pursuing mid-term review of Strategy 2020 and formulating a well-defined action plan for its implementation (towards achieving the overarching goal of freeing Asia and the Pacific of poverty). During the meeting, key priorities of the government were discussed.
The ADB president informed India’s finance minister about his organisation’s agenda and strategy for achieving the aforementioned goal. He assured support of the ADB in partnering with India for development strategies and aspirations through delivery of a diversified programme of financing, knowledge exchange and capacity building. Nakao thanked India for becoming a donor in the Asian Development Fund.
India is the highest cumulative borrower of the World Bank, with a current portfolio of 70 projects with a commitment of $ 9.669 billion. India also constitutes the largest single portfolio exposure of Private Sector Operations Department (PSOD), the private sector arm of the ADB, with commitments worth over $ 3.38 billion. On the corridor concept, the ADB is assisting in developing the East Coast Corridor from Kolkata to Tuticorin (where the first phase is the Vizag-Chennai corridor) with a view to its integration with the global value chain, especially in manufacturing.
Nakao is on a visit to India from 26 to 28 August. This is his third visit to India in his capacity as the president of ADB.