Asian Development Bank to increase India lending by 50% to $12 billion by 2018

After his luncheon meeting with finance minister Arun Jaitley, Asian Development Bank president Takehiko Nakao on Tuesday told reporters that the bank has decided to increase lending to India by almost 50% — up to $12 billion by 2018.

“ADB aims at increasing its sovereign and non-sovereign lending from the present $7-9 billion in three years from 2015 to 2017 to $10-12 billion between 2016 and 2018 using ADB’s expanded lending capacity,” he said.

The ADB chief also met urban development minister Venkaiah Naidu. Nakao said India’s growth rate is expected to exceed that of China in this fiscal year. India’s projected growth rate of 7.8% for 2015-16 is higher than China’s estimated 7.2% in 2015 calendar year, he said. ADB is expected to revise its growth projections for the current fiscal in July, Nakao said.

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