Arab Today, arab today adb faces funding crunch warns india
Last Updated : GMT 17:16:28
Arab Today, arab today
Arab Today, arab today

ADB faces funding crunch, warns India

Arab Today, arab today

Arab Today, arab today ADB faces funding crunch, warns India

New Delhi - AFP

The Asian Development Bank is facing a funding crunch as the multilateral lending agency seeks to reduce widespread poverty in emerging market nations and boost infrastructure, India warned Saturday. The Asia-Pacific region, despite boasting the world\'s fastest-growing economies, is still home to around two-thirds of the world\'s poor, with some 1.5 billion people living on less than $2 a day. Member countries of the Manila-based development bank need to consider ways to increase its resources to meet Asia\'s massive needs for infrastructure, economic growth and to combat poverty, India\'s Finance Minister P. Chidambaram said. \"The support that the ADB can deliver for economic development and poverty reduction in the region will be seriously constrained by the lack of adequate capital,\" he told the annual two-day meeting of the ADB\'s board of governors. \"We may hit the wall (in funding) in about three years,\" Chidambaram added, noting the amount of lending by Asia\'s main development bank is expected to decline to $8 billion annually from $10.1 billion. Some 5,000 delegates are at the two-day annual meeting, being held on the outskirts of New Delhi, of the board of governors of the lending agency that offers low-interest loans, grants and other support to fight poverty in Asia. The ADB\'s support is also critically important to improve the quality of the region\'s infrastructure, Chidambaram said, noting Asia needs a \"humongous sum\" of $8 trillion to $10 trillion over the next decade to upgrade its ports, roads and other infrastructure in order to fuel growth. \"The ADB has its work cut out,\" said Chidambaram, who was speaking as the chair of the ADB board of governors. The 67 members from the ADB are made up of 48 from the Asian region and 19 from elsewhere, mainly North America and Europe. If the ADB is to keep up its important regional role, \"its resource base has to expand considerably\", Chidambaram said. India has a strong interest in seeing the ADB\'s financial resource base strengthened as it is one of its biggest borrowers.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today adb faces funding crunch warns india Arab Today, arab today adb faces funding crunch warns india

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today adb faces funding crunch warns india Arab Today, arab today adb faces funding crunch warns india

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday