New Delhi [India], December 12 (ANI): The Asian Development Bank (ADB) and India's National Bank for Financing Infrastructure Development (NaBFID) have joined forces to bolster infrastructure financing in India.

Under the agreement, ADB will provide NaBFID with a technical assistance grant to build its capacity and enhance its climate finance capabilities.

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The initiative is designed to address the substantial funding gap in India's infrastructure sector. The collaboration also includes the provision of credit lines through ADB-facilitated private sector investments to support innovative projects that foster sustainable and inclusive growth across India.

The two institutions signed a letter of intent (LOI) in Manila, marking a significant step towards addressing India's vast infrastructure needs and promoting sustainable development.

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The partnership aims to enhance climate resilience, improve urban and rural infrastructure, promote environmental sustainability, and mobilize both public and private investments in the sector.

ADB Sector Group Director General Ramesh Subramaniam said, "The partnership with NaBFID builds on ADB's longstanding work in India to transform urban infrastructure and drive sustainable and inclusive growth."

He added, "We are proud to support NaBFID in unlocking diverse and innovative sources of funding and look forward to growing our collaboration in attracting blended finance to India."

To deepen this partnership, ADB and NaBFID co-hosted a seminar emphasizing the critical role of infrastructure financing in achieving resilient and sustainable growth.

Keynote speeches and panel discussions explored strategies to bridge the infrastructure financing gap, with a focus on midterm and long-term collaboration opportunities.

Speakers included Philippine Department of Finance Undersecretary Catherine Fong, NaBFID Deputy Managing Director B.S. Venkatesha, ADB Director Mayank Choudhary, and ADB Principal Financial Sector Specialist Sanjeev Kaushik.

Additionally, technical bilateral meetings held on 5-6 December further explored avenues for collaboration and knowledge sharing to support sustainable development goals. (ANI)

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