Prime Minister Narendra Modi met with Asian Development Bank (ADB) President Masatsugu Asakawa on Sunday at his official residence, where ADB committed to invest $10 billion in India's urban infrastructure over the next five years. The announcement was shared by PM Modi on X (formerly Twitter), along with photos from the meeting.
According to a statement from the ADB, the funding will support a wide range of urban development initiatives across the country. These include upgrading municipal infrastructure, expanding metro networks, developing new Regional Rapid Transit System (RRTS) corridors, and modernizing urban services.
The ADB president also expressed support for the Indian government's Viksit Bharat 2047 vision, calling it "bold" and reaffirming ADB’s commitment to backing India’s development ambitions. "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," he said.
PM Modi highlighted that the meeting covered a broad spectrum of topics, including India's transformation over the past decade and the empowerment of millions through inclusive development.
Masatsugu Asakawa’s visit marks his first official trip to India as ADB president. He also met with Finance Minister Nirmala Sitharaman to discuss broader economic cooperation, including strategies to boost rural prosperity, expand rooftop solar capacity, and operationalize the Urban Climate Fund (UCF).
The ADB has been an active development partner in India, having worked with over 110 cities across 22 states on key urban projects such as water supply, sanitation, housing, and waste management. Its current urban portfolio includes 27 active loans totaling $5.15 billion.(Source: NDTV)
