Prime Minister Narendra Modi on Sunday met Asian Development Bank (ADB) President Masato Kanda at his official residence in New Delhi. During the meeting, the ADB chief pledged a substantial investment of $10 billion over the next five years to support India’s urban infrastructure development.
According to an official ADB statement, the investment will focus on key areas such as municipal infrastructure upgrades, metro rail expansions, new regional rapid transit system (RRTS) corridors, and the modernisation of urban services across the country.
President Kanda also reiterated the bank’s commitment to Prime Minister Modi’s ‘Viksit Bharat 2047’ vision, calling it a “bold ambition.” In a post on X, he said, “The Viksit Bharat 2047 vision is bold, and the ADB is supporting that ambition.”
Sharing photos of the meeting on X, PM Modi said they exchanged views on a wide range of topics, including India’s rapid transformation over the past decade, marked by empowerment and upliftment across various sectors.
President Kanda, currently on his official visit to India following his appointment as ADB chief, added, “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 billion people.”
ADB has already partnered with over 110 cities across 22 states, supporting projects in areas such as water supply, sanitation, housing, and solid waste management. Its current urban portfolio includes 27 active loans worth $5.15 billion.
Earlier during his visit, the ADB president also held meetings with Finance Minister Nirmala Sitharaman and Urban Development Minister Manohar Lal Khattar. Discussions with the finance minister focused on rural prosperity initiatives, scaling rooftop solar capacity, and operationalising the Urban Climate Financing (UCF) facility. With the urban development minister, President Asakawa reviewed strategies for mobilising private capital in future urban projects.
–IANS