ADB TO INVEST $10 B OVER NEXT 5 YEARS IN INDIAN INFRASTRUCTURE

NEW DELHI: The Asian Development Bank (ADB) on Thursday committed to investing $10 billion in the country over the next five years. The investment, part of ADB’s new strategy for India, was announced by the multilateral agency’s president Takehiko Nakao in New Delhi. The bank’s focus is on lifting the economic performance of low-income states and developing economic corridors, particularly along the coasts. While $5 billion will be used for creating infrastructure in states like Uttar Pradesh, Bihar, Jharkhand, Odisha, and Chhattisgarh, the balance $5 billion will be used for developing the 2,500 km East Coast Economic Corridor.