India seeks more resources from ADB

India seeks more resources from ADB New Delhi: India on Friday sought additional resources from the Asian Development Bank (ADB) for its developmental activities.

The issue came up during the meeting between ADB President Haruhiko Kuroda and Finance Minister P Chidambaram.

"... Chidambaram emphasised on the need for additional resources from the ADB for the new initiatives," a Finance Ministry statement said.

The two leaders discussed various ways in which the Manila-based lender could increase its participation in India's growth efforts.

The Finance Minister also informed ADB president that he has written to the Asian members of G-20 to strengthen the capital base of the ADB.

Kuroda, the release said, agreed that there is a need to increase capacity of ADB to mobilise more resources for infrastructure projects.

India is one of the major recipients of ADB's assistance. ADB's cumulative lending through 178 loans totalled about USD 27 billion at the end of December 2011.

Kuroda suggested that ADB, which will hold its annual meeting in Greater Noida in May, could be associated in the major infrastructure projects being initiated in the country. ADB, he said, could assist more actively in regional projects.

Chidambaram also apprised the visiting ADB official about the various steps taken by the government to facilitate foreign inflows especially in the infrastructure sector.

He mentioned the Infrastructure Debt Funds and setting up of the Cabinet Committee on Investment (CCI) to clear major projects of USD 200 million and above.

Appreciating the recent reform measures taken by India, Kuroda expressed the hope that with latest initiatives and reforms as well as investments, the country will come back to the path of 8-9 per cent growth.

ADB plans to lend USD 12 billion to India in the next five years through 2017.

PTI