The Asian Development Bank has agreed to double the funding to support India’s urban development from $2.6 billion per annum at present to up to $5 billion per annum, a statement from the Ministry of Urban Development said.
By the end of June, for urban operations, approvals will be delegated to ADB’s India office, it added.
ADB President Takehiko Nakao met Union Urban Development Minister M. Venkaiah Naidu on Tuesday. The Minister urged ADB to take up Pune, Visakhapatnam, and Vijayawada Metro Rail projects on priority.
ADB will also support ‘smart cities mission’ and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) in seven states — Andhra Pradesh, Madhya Pradesh, Karnataka, Rajasthan, Gujarat, Tamil Nadu and Maharashtra.