ADB's $10 Billion Boost for India's Urban Transformation
The Asian Development Bank commits $10 billion to India's urban growth, focusing on metro extensions and infrastructure overhaul. The initiative supports the Urban Challenge Fund, aims at private investments, and promises skills development to boost the manufacturing sector. Current and future projects target sustainable urban expansion.
- Country:
- India
The Asian Development Bank (ADB) has announced a substantial commitment of up to USD 10 billion for the urban transformation of India, which includes the expansion of metro systems over the next five years. ADB President Masato Kanda confirmed this initiative after discussions with Prime Minister Narendra Modi this past Saturday.
This ambitious urban transformation plan encompasses sovereign loans, private sector financing, and contributions from third parties. A core component of the plan is India's flagship Urban Challenge Fund (UCF), designed to attract significant private investment in urban infrastructure.
Through detailed analytical work focusing on growth hubs, creative city redevelopment, and water and sanitation improvements, the UCF will strengthen urban infrastructures across 100 selected cities. ADB's involvement seeks to drive significant economic growth and increased quality of life for India's urban populations, which are estimated to account for over 40 percent of the nation by 2030.
(With inputs from agencies.)
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