PM Modi urges ADB to think differently to make an impact in South Asia
Prime Minister Narendra Modi has reportedly the Asian Development Bank (ADB) to focus on regional connectivity projects.
Modi said this during a meeting with ADB President Takehiko Nakao on Wednesday.
He is reported to have said that promotion of such connectivity will help the entire region. He emphasized that the ADB needed to think differently to make an impact in the region.
The Prime Minister also said that foreign direct investment (FDI) is a focus area that his government is committed to.
President Nakao said that the ADB is keen on partnering India in establishing the East Coast Industrial Corridor and in the construction of smart cities.
He further said that the ADB is committed to supporting infrastructure development in India, and will provide a seven to nine billion dollar loan to the country over the next three years.
The ADB is assisting in developing the East Coast Corridor from Kolkata to Tuticorin, with first phase being the Vizag-Chennai Corridor with a view to integrating it into the global value chain, especially in manufacturing.
Nakao is on a three-day visit to India which concludes today. This is his third visit to India as ADB President.
(Posted on 28-08-2014)