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ADB to double assistance to India: ADB chief

By Staff
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Hyderabad, May 3 : The Asian Development Bank (ADB) will double its its financial assistance to India from the present USD 1.3 billion to 2.6 billion by the year 2008, its President Haruhiko Kuroda announced today.

The Bank is keen on giving new lonas to India in the areas of water, transport, energy and urban development, he said at a press conference here in connection with the four-day ADB 39th annual meeting of Board of Governors.

The Bank, which already funded projects to achieve poverty reduction, was for furthering financial assistance to India, which needed more investment in infrastructure, education and other social sectors.

Noting that India and China had attained growth, he said the next decade was crucial in poverty reduction and job creation would continue to be major challenge. Energy was one possible constraint in achieving it.

Observing that the economies of the region were growing and opportunities expanding, he said the number of people living in absolute poverty-living on less than one US dollara day was rapidly declining. The major challenge to bridge the gap between rich and poor and ensure that the poor were included in and benefit from, economic growth.

Broadbased growth could only be achieved if people had access to basic services such as clean water and sanitation and if the poor were provided with education and training needed to get jobs.

Descrbring the host city as ''booming and vibrant'', he observed that the economy of Andhra Pradesh was also growing fast like other parts of the country.
Noting that India and China had attained growth, he said the next decade was crucial in poverty reduction and job creation would continue to be major challenge. Energy was one possible constraint in achieving it.

Observing that the economies of the region were growing and opportunities expanding, he said the number of people living in absolute poverty-living on less than one US dollara day was rapidly declining. The major challenge to bridge the gap between rich and poor and ensure that the poor were included in and benefit from, economic growth.

Broadbased growth could only be achieved if people had access to basic services such as clean water and sanitation and if the poor were provided with education and training needed to get jobs.

Descrbring the host city as ''booming and vibrant'', he observed that the economy of Andhra Pradesh was also growing fast like other parts of the country.


UNI

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