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Asian Development Bank proposes USD 10 billion support for India's low-income states

The bank is also prepared to invest up to USD 5 billion during 2018-22 for infrastructure building to develop East Coast Economic Corridor.

Published: 29th June 2017 06:18 PM  |   Last Updated: 29th June 2017 08:35 PM   |  A+A-

A man walks past the Asian Development Bank (ADB) headquarters in Manila. (File photo | Reuters)

By PTI

NEW DELHI: Asian Development Bank (ADB) today pledged USD 10 billion support for improving economic performance of low-income states and funding infrastructure development.      

ADB stands ready to meet immediate development needs of up to USD 5 billion over 5 years period for less developed states, including Uttar Pradesh, Bihar and Jharkhand, addressing critical infrastructure issue and capacity deficit, ADB President Takehiko Nakao said here.      

Besides, the bank is prepared to invest up to USD 5 billion during 2018-22 for infrastructure building to develop East Coast Economic Corridor, he said.     

The USD 10 billion funding support would be part of ADB's  new country strategy, which proposes annual lending of USD 3 -4 billion from sovereign and non-sovereign operations over the five-year period, he said.



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