India

PM Modi Meets ADB President; $10 Billion Pledged For Urban Development

Prime Minister Narendra Modi met Asian Development Bank (ADB) President Masato Kanda at his official residence on Sunday, where Kanda pledged $10 billion to support the development of India’s urban infrastructure over the next five years.

The substantial investment aims to transform urban infrastructure nationwide, including upgrades to municipal systems, extensions of metro networks, new regional rapid transit system (RRTS) corridors, and the modernisation of urban services, the ADB confirmed in a statement.

Support For ‘Viksit Bharat 2047’ Vision

Further endorsing India’s ambitious development goals, Kanda expressed strong support for the PM Modi government’s ‘Viksit Bharat 2047’ vision.

Taking to X, he posted, “The Viksit Bharat 2047 vision is bold, and @ADB_HQ is supporting that ambition. We will direct $10 billion, including third-party capital, over the next five years into municipal infrastructure development, extending metro networks, building new Regional Rapid Transit System corridors, and modernizing city services. I was pleased to convey this during my meeting with Prime Minister Narendra Modi @narendramodi in New Delhi.”

“India, a founding ADB member since 1966 and our largest borrower, is a steadfast partner. By scaling up public and private sector finance, deepening knowledge collaboration, and mobilizing 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,” the post added.

Reposting Asian Development Bank (ADB) President Masato Kanda’s message on X, PM Modi noted that the two leaders exchanged views on a wide range of issues and emphasised how India’s transformation over the past decade has empowered millions.

Also Read: Centre’s Goal Is To Establish Evidence-based Criminal Justice System, Says Amit Shah

The ADB has already partnered with over 110 cities across 22 states on projects involving water supply, sanitation, housing, and solid waste management.

Currently, the bank maintains an active urban portfolio consisting of 27 loans worth $5.15 billion.

Engagements With Finance And Urban Development Ministers

Earlier during his visit, Kanda met Finance Minister Nirmala Sitharaman to discuss initiatives aimed at rural prosperity, expanding rooftop solar capacity, and operationalising the Urban Climate Finance (UCF) facility.

He also held talks with Urban Development Minister Manohar Lal Khattar to outline plans for attracting private capital into urban infrastructure projects, signalling a collaborative approach to India’s urban growth challenges.

This latest commitment from the ADB reinforces international support for India’s ongoing urban transformation and sustainable development objectives.

Richa Kaushik

Recent Posts

Manoj Tiwari Joins Jagannath Rath Yatra In Puri; Celebrates With Devotees

BJP MP Manoj Tiwari participated in the first day of the Jagannath Rath Yatra in…

22 mins ago

HM Amit Shah To Launch Development & Education Projects Across Gujarat

Amit Shah is visiting Gujarat to inaugurate key education, cooperative, and rural development projects across…

36 mins ago

Parliamentary Committee To Visit Pahalgam Terror Site; Hold Key Meetings In Jammu & Srinagar

Following the recent terror attack in Pahalgam’s Baisaran Valley, a Parliamentary Committee is set to…

60 mins ago

PM Modi To Inaugurate Centenary Celebrations Of Acharya Shri Vidyanand Ji Maharaj

Prime Minister Narendra Modi will inaugurate the 100th birth anniversary commemoration of Acharya Shri Vidyanand…

2 hours ago

No Central Water Tax On Farmers; PIB Debunks Fake Social Media Claims

The Ministry of Jal Shakti has refuted viral social media claims suggesting that the Centre…

2 hours ago

‘Kaanta Laga’ Girl Shefali Jariwala Passes Away At 42 In Mumbai: Live Updates

Shefali Jariwala, best known as the ‘Kaanta Laga girl’, has died at the age of…

3 hours ago