India biggest recipient of funds from ADB

Nadi (Fiji): India was the biggest recipient of funds from Asian Development Bank last year and would continue to get sovereign loans in excess of $3 billion in 2019 as well, the bank's president Takehiko Nakao said.

The multilateral funding institution committed $3 billion in sovereign loans to India in 2018, the highest level of assistance since sovereign operations began in the country in 1986.

"We will continue to lend this kind of level (during 2019)," he said at the 52nd annual meeting of the bank here. Also, growing debt-GDP ratio is coming down and provides more space for lending, he added.

He said ABD will continue to make investment in rural connectivity, urban development and skill development, among others.

India received nearly 25 per cent of the total loans sanctioned last year.

New commitments included $21.6 billion in loans, grants and investments from ADB's own resources, exceeding the target of $19.71 billion and up 10 per cent from 2017.