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.

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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.