Asian Development Bank (ADB) President Takehiko Nakao told India’s leaders on 29 June 2017 that ADB is increasing support for developing economic corridors under the Make-in-India initiative, following ADB’s new country strategy for India for 2018-2022.

Mr. Nakao said ADB is prepared to invest up to $5 billion during 2018-2022 to develop the East Coast Economic Corridor (ECEC), and lauded progress made on attracting investments in manufacturing industries in the Corridor. He noted how strategic planning for economic corridors is rapidly progressing.

Mr. Nakao was in New Delhi where he met with India’s Finance Minister Arun Jaitley, Minister of State for Commerce and Industry Nirmala Sitharaman, and other senior officials.

ADB approved a $631million loan and grant in 2016 to finance the ongoing development of the Vizag-Chennai section of the ECEC. Mr. Nakao said ADB is ready to expand the Corridor further south in Tamil Nadu.

ADB’s country strategy for India also focuses on improving economic performance of low-income states. Mr. Nakao said ADB is ready to meet immediate development needs of up to $5 billion for Uttar Pradesh, Bihar, Jharkhand, Odisha, Chhattisgarh, and other less developed states, addressing critical infrastructure and capacity deficits.

Related Links:

• ADB President Proposes $10 Billion Support for India's Low-Income States and East Coast Economic Corridor
• ADB proposes $10-bn loan for India over next 5 years
• ADB pledges USD 10 bn for development projects in India