Asian Development Bank to fund projects in India

MANILA - The Asian Development Bank (ADB) said Tuesday it would loan $700 million to India for infrastructure projects to be developed by public-private partnerships.

The loan would be released in three tranches over five years to state-owned India Infrastructure Finance Company Ltd, the Manila-based bank said.

It aims to assist India in promoting public-private partnerships to increase employment opportunities and incomes as well as reduce poverty, the ADB said.

“The facility is expected to enhance the availability of long-term funds for infrastructure and boost investor confidence when confidence is low,” the bank said in a statement.

The ADB said the aid would help India to meet its infrastructure investment target of $514 billion under its current five-year plan.