ADB approves $500 million loan for India for development of green infrastructure
ADB: This initiative of ADB is in line with India's climate commitments. Its aim is to meet the growing need for infrastructure capable of meeting the challenges posed by climate change. Let's know more about this.
The Asian Development Bank (ADB) has approved a loan of US$500 million to contribute to India's economic progress through the development of environmentally sustainable infrastructure. This ADB's initiative is in line with India's climate commitments. It aims to meet the growing need for infrastructure capable of meeting the challenges posed by climate change.
Sanjeev Kaushik, Chief Finance Sector Specialist at ADB, emphasized the importance of strong infrastructure for India's economic progress. He said, "India's economy is one of the fastest-growing economies in the world. Critical to this process is strong infrastructure that is consistent with the country's climate commitments. ADB is strengthening support to the government to ensure that India's economic growth will be inclusive and sustainable."
ADB also pointed out that India is one of the most climate-affected economies in the world, faced with frequent floods, droughts, and cyclones for which infrastructure needs to be built to reduce climate risks. However, ADB again maintained that the country had a climate financing gap of one trillion USD, which, without any doubt, is an amount that the public sector alone cannot fill.
