Asian Development Bank's President Masato Janda Calls On PM Narendra Modi In Delhi, Pledges $10 Billion For India’s Urban Infrastructure

New Delhi: Prime Minister Narendra Modi attended a meeting with Asian Development Bank (ADB) President Masato Kanda on Sunday, where the ADB President promised to pledge $10 billion for India’s Urban infrastructure in the upcoming five years.

The five-year plan includes sovereign loans, private sector financing and third-party capital.

The investment will address the transformation of urban infrastructure across the country, including metro extensions, new regional rapid transit system (RRTS) corridors, municipal infrastructure and modernisation of urban services, the ADB said in a statement.

PM Modi speaks about meeting Kanda

PM Modi, while sharing the pictures on X said, “Has a wonderful meeting with Mr. Masato Kanda, in which we shared perspectives on a wide range of issues. India’s rapid transformation over the last decade has empowered countless people and we are working to add further momentum is this journey! ”

Masto Kanda Response

“Cities are engines of growth,” ADB President Kanda said after meeting with Prime Minister Narendra Modi in the national capital.

The ADB President added, “ADB will mobilise capital, accelerate delivery, and scale solutions that keep India’s urban economy moving and people thriving on the road to Vikit Bharat @2047.”

Masto Visit in India

Previously, Masato  Kando, who arrived in India last week, marked his official state visit after being appointed to the position of ADB President. He said, “By scaling up public and private sector finance, deepening knowledge collaboration, and mobilising 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 billiuom people.”

According to the official reports, ADB has reportedly collaborated with over 110 cities across 22 states on projects related to water supply, sanitation, housing and solid waste management, with the ongoing urban portfolio comprising 27  loans amounting to $5.15 billion.

Earlier, the ADB president also met Finance Minister Nirmala Sitharaman, where the two discussed plans to bring rural prosperity, scaling rooftop solar capacitiesm and operationalising the UCF.

He also met Housing and Urban Affairs Minister Monohar Lal to map next steps for channelling private capital into urban projects.