Asian Development Bank commits $2.6bn in sovereign lending to India in 2023 for urban development, industrial corridors, etc.

The Asian Development Bank (ADB) committed US$2.6 billion in sovereign lending to India in 2023, aimed at strengthening urban development, industrial corridors, power sector reforms, climate resilience, and enhancing connectivity. The bank also extended US$23.53 million in technical assistance and US$4.1 million in grants under the sovereign portfolio. Additionally, ADB committed over US$1 billion for private sector projects during the past year.