ADB to invest $10 billion over five years in Indian infrastructure
In a boost to India’s infrastructure development program, the Asian Development Bank committed to investing $10 billion in the country over the next five years. $5 billion will be used to create infrastructure in UP, Bihar, Jharkhand, Odisha and Chhattisgarh, and the rest will be utilized for developing the East Coast Economic Corridor. The investment is a part of ADB’s new strategy for India. The bank’s focus is on lifting the economic performance of low-income states and developing economic corridors along the coasts. the aim is to develop the 2,500 km East Coast Economic Corridor, which will extend from Kolkata to Tuticorin in Tamil Nadu. ADB had last year approved $631 million to develop the 800-km industrial corridor between Visakhapatnam and Chennai.
ADB has invested around $43 billion in India over 30 years. It expects India’s economy to grow at 7.4% in 2017-18 and 7.6% in 2018-19. The amount will be used for infrastructure creation in roads, rail, water supply, smart cities and green energy projects sectors.
ADB is open to investing in Sikkim and has received a proposal to assist the state road systems and in other North Eastern states.