PM Modi meets ADB president Masato Kanda, latter pledges $10 bn for Indian urban infrastructure

New Delhi, June 1 (IANS) Prime Minister Narendra Modi on Sunday took to X to share a picture of meeting with the Asian Development Bank (ADB) president Masato Kanda at his official residence, where the latter promised to pledge $10 billion for Indian urban infrastructure development over a period of five years.

The $10 billion investment will seek to transform urban infrastructure across the country, including municipal infrastructure development, Metro extensions, new regional rapid transit system (RRTS) corridors and modernisation of urban services, the ADB said in a statement.

The ADB president also extended support to the Modi government’s Viksit Bharat pledge and wrote on X, “The Viksit Bharat 2047 vision is bold and the ADB is supporting that ambition.”

PM Modi, while sharing the pictures of the meeting, said that he and the ADB president shared a perspective on a wide range of issues, including India’s rapid transformation over the past decade, which saw the empowerment and upliftment of countless people.

Masato Kando, who arrived in India last week, marking his official state visit after becoming the ADB President, said, "By scaling up public and private sector finance, deepening knowledge collaboration, and mobilising capital, we stand ready to support India’s drive to become a developed nation by 2047 and to deliver inclusive, resilient, and sustainable growth for its 1.4 billion people.”

ADB has reportedly collaborated with over 110 cities across 22 states on projects related to water supply, sanitation, housing, and solid waste management, with an active urban portfolio comprising 27 loans amounting to $5.15 billion.

Earlier, the ADB president also met Finance Minister Nirmala Sitharaman, where the two discussed plans to bring rural prosperity, scaling rooftop solar capacities, and operationalising the UCF.

He also met Urban Development Minister Manohar Lal Khattar to outline the next steps for channelling private capital into urban projects.

--IANS

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