India seeks $2 bn funding from NDB, wants it ‘nimble-footed’, says Arun Jaitley


India seeks $2 bn funding from NDB, wants it ‘nimble-footed’, says Arun Jaitley

Jaitley said the first agreement for an NDB loan in India to finance major district roads in Madhya Pradesh has been signed a couple of days ago. (Reuters)India is seeking USD 2 billion in funding from the New Development Bank for infrastructure projects and wants the multilateral agency to be nimble footed in disbursing faster loans, Finance Minister Arun Jaitley said today. Stating that the NDB — set up by the BRICS bloc two years ago — must be alive to the role envisioned for it by its founders, he said India has a huge unmet need for infrastructure investment, estimated at about Rs 43 lakh crore (about USD 646 billion) over the next five years.

“Seventy per cent of this will be required in power, roads and urban infrastructure sectors,” he said. “This offers an enormous opportunity to an institution like the NDB, whose core mandate is sustainable infrastructure development.”

Jaitley said the first agreement for an NDB loan in India to finance major district roads in Madhya Pradesh has been signed a couple of days ago.

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Source – The Financial Express

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