The Asian Development Bank (ADB) disbursed loans worth a record $4.6 billion to India in 2021, including $1.8 billion towards coronavirus response
The Asian Development Bank (ADB) disbursed loans worth a record $4.6 billion to India in 2021, including $1.8 billion towards coronavirus response. "The Asian Development Bank committed a record $4.6 billion in sovereign lending to India in 2021 for 17 loans, including $1.8 billion for the country's coronavirus disease pandemic response," the multilateral funding agency said in a statement.
Out of the total coronavirus-related assistance, $1.5 billion was towards vaccine procurement and $300 million to strengthen primary health care in urban areas and the country's future pandemic preparedness.
ADB Country Director for India Takeo Konishi said, "the ADB's operations continue to support the Government of India's fight against Covid-19 and its other development priorities such as managing urbanisation, raising industrial competitiveness to create more jobs, improving connectivity and enhancing skills."
Konishi added that to maximise the development impact of its operations, ADB adopts a multidisciplinary approach and incorporates finance plus elements based on its comparative advantage, knowledge base and value addition.
He said the ADB will continue to support less-developed states through the provision of basic infrastructure and institutional capacity building while pursuing transformative investments in the more economically advanced states.
This included financing for India's national urban flagship missions to enhance access to water, sanitation and affordable housing and promote performance-based fiscal transfer to urban local bodies.
The ADB's India portfolio comprised 69 projects worth $15.5 billion as of December 31, 2021.
Konishi further said that ADB will assist India's fast, green and inclusive economic recovery from the pandemic with expanded investments in health and education, public sector management and climate initiatives.