Asian Development Bank Collaborates with NaBFID on Infrastructure Financing in India
Funding | Dec 11, 2024 | Asian Development Bank
The Asian Development Bank (ADB) and India's National Bank for Financing Infrastructure Development (NaBFID) have formalized a partnership to strengthen infrastructure financing in India through the signing of a letter of intent (LOI). The agreement, signed by ADB Sector Group Director General Ramesh Subramaniam and NaBFID Managing Director Rajkiran Rai G., is aimed at promoting climate resilience and enhancing both public and private sectors' investment capabilities for sustainable urban and rural development in India. Observers at the signing included prominent figures from ADB's executive and operational branches. This collaboration entails a technical assistance grant from ADB to NaBFID to develop climate finance capabilities and meet India's vast infrastructure funding needs. The partnership focuses on co-financing via ADB-organized private investments, driving improved and innovative urban infrastructure projects in India. Not only does this agreement draw from ADB's longstanding contributions to India's infrastructural transformation, but it also emphasizes unlocking new funding sources and securing blended finance for long-term growth. A co-hosted seminar by ADB and NaBFID stressed the importance of infrastructure finance for resilience and sustainable progression, drawing insights from financial sector experts. This initiative continues ADB's mission to cultivate an Asia and the Pacific region defined by prosperity, inclusivity, and sustainability.
Sectors
- Infrastructure Finance
- Climate Finance
Geography
- India – The primary focus of the financing and infrastructure development collaboration is in India.
- Asia-Pacific – The Asian Development Bank, which is facilitating this collaboration, operates within the Asia-Pacific region.
Industry
- Infrastructure Finance – The article focuses on collaboration for infrastructure financing, specifically targeting the enhancement of urban and rural infrastructure in India.
- Climate Finance – The partnership includes the promotion of climate resilience and climate finance capabilities, making this sector relevant to the article.
Financials
- Technical assistance grant – Provided by ADB to NaBFID to build climate finance capability and enhance funding capacity for India's infrastructure needs.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Asian Development Bank (ADB) | Collaborating Entity | Company | An international development bank that facilitates economic growth in Asia and the Pacific, supporting India's infrastructure ambitions. |
| National Bank for Financing Infrastructure Development (NaBFID) | Collaborating Entity | Company | An Indian national bank focused on infrastructure development, partnering with ADB to enhance financing capabilities. |
| Ramesh Subramaniam | ADB Sector Group Director General | Person | A key figure at ADB involved in signing the letter of intent with NaBFID. |
| Rajkiran Rai G. | NaBFID Managing Director | Person | Represented NaBFID in signing the collaboration LOI with ADB. |
| Vikas Sheel | ADB Executive Director for India | Person | Witnessed the LOI signing. |
| Suzanne Gaboury | ADB Director General for Private Sector Operations | Person | Witnessed the LOI signing. |
| Mio Oka | ADB Country Director for India | Person | Witnessed the LOI signing. |
| Catherine Fong | Philippine Department of Finance Undersecretary | Person | Participant in the seminar conducted jointly by ADB and NaBFID. |