Expand ADB resource base, says PM
India on Saturday pitched for a step-up in financial resources of the Asian Development Bank as a substantially expanded base would go a long way in helping developing countries speed up poverty alleviation programmes, promoting infrastructure development and expediting the process of reaching their growth potential. “We now need to substantially expand the resource base of multilateral development banks so that they have the firepower to help developing countries reach their growth potential,” Prime Minister Manmohan said in his inaugural address at the 46th annual general meeting of the Manila-based multilateral lending agency at Greater Noida. Asserting that it was essential to ensure that the level of ADB’s annual lending did not come down — as is being feared by the lending agency owing to inadequate returns on its capital — Dr. Singh suggested that the bank find innovative ways to channel global savings for development of infrastructure projects in developing countries. “…Expanding infrastructure financing and investment through the intermediation of the ADB could help lower the cost of financing long-term infrastructure projects.” In this regard, he sought to showcase India as a point of call for such long-term private and foreign funding for infrastructure development, saying the government was taking steps to make it a more attractive investment destination so as to achieve a growth of over eight per cent during the 12th Plan period.
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