Nakao agrees to ADB’s regional hub in New Delhi.

The Asian Development Bank (ABD) will step up investment up to US$5 billion over next five years for development along the East Coast Economic Corridor (ECEC).

Hun Kim, ADB’s Director General for South Asia Department said the bank is willing to “step-up investment up to US$5 Billion over next five years for development along the ECEC”.

He announced the new ADB funding for ECEC during the bank’s president Takehiko Nakao visit to New Delhi on 29 June 2017.

Nakao discussed a wide range of issues pertaining to enhanced cooperation between India and ADB during meetings with Finance Minister Arun Jaitley and Commerce & Industry Minister Nirmala Sitharaman.

Jaitley thanked ADB for the continued support for development projects in India, and for agreeing to enhance the lending operations from US$3 billion a year to US$4 billion per annum.

Nakao also assured to expand ADB assistance to relatively lesser developed States in the area of power (including renewable energy), transport, urban development, and health services.

Nakao also agreed to India’s suggestion to set-up a regional hub in New Delhi for South Asia region, which could expedite the process of project preparation and delivery for India and other countries in the region.

India and ADB also agreed to increasingly adopt country system for procurement, and social and environmental safeguards for ADB assisted projects in a time bound manner.

Nakao congratulated the Finance Minister on Government’s decision to implement the Goods and Services Tax (GST) reforms from 1 July 2017.

Separately, Minister Sitharaman briefed Nakao on the progress of Vizag Chennai Industrial Corridor (VCIC).

She pointed out that the Northern Extension of the ECEC from Vizag to Odisha and West Bengal is very important and ADB should accelerate the work thereon.

The Minister also mentioned that the Southern extension from Chennai to Kanyakumari should include extension up to Kollachal Port and even at Vizhinjam, as this would accrue several economic benefits to these areas. fii-news.com