Catalog

Resident Mission
Renewed Commitment to India

A new office is predicted to bolster ADB’s presence in India and strengthen its operational activities

By Omana Nair (onair@adb.org)
External Relations Officer

A FIRST--The three-story building is the only office owned by ADB outside its headquarters

ADB and India have come a long way in working toward a common goal: poverty reduction through pro-poor sustainable economic growth.

Over the last decade, India has made tremendous achievements in important socioeconomic development areas. The nation has successfully reduced poverty from 36% in 1994 to 26% in 2000.

Literacy rates have also increased by 13%. These significant accomplishments were achieved mainly through rapid economic growth and reforms.

In early 2002, ADB renewed this long-term partnership and commitment to India with the opening of the new resident mission office building in New Delhi. Located in the institutional area of Chanakyapuri, the office will further improve ADB’s presence in the country and strengthen its operational activities.

ADB President Tadao Chino and the Union Minister of Finance of India, Yashwant Sinha, jointly inaugurated the new three-story building, the first office building owned by ADB outside its headquarters in Manila, Philippines.

“The opening of this new office renews ADB’s long-term partnership with India. It will further strengthen our relations with the Government, other funding agencies, the private sector, nongovernment organizations, and civil society,” said President Chino.

The need for a new office emanated from ADB’s growing involvement in India and greater delegation of responsibilities by headquarters. ADB has approved loans to India averaging over $1 billion annually during the past 3 years.

In 2001, ADB approved a record $1.5 billion in loans to India, including an emergency loan of $500 million to Gujarat for the earthquake rehabilitation and reconstruction project, reflecting ADB’s flexibility and responsiveness in times of crisis.

India is one of ADB’s founding members and one of the largest borrowers. ADB started its operations in India in 1986 when India borrowed its first loan. Over the years, ADB and India’s relationship has grown into a mature and strong partnership. In the coming years, the overall objective of ADB assistance to India will continue to focus on promoting pro-poor economic growth, reducing poverty and improving the welfare of the people, and opening all dimensions of economic development.

The India Resident Mission, established in 1992, is one of ADB’s largest missions. In early 2001, ADB also established an extended mission in Gandhinagar, Gujarat, to expedite project coordination and implementation of the emergency loan for the Gujarat Earthquake Rehabilitation and Reconstruction Project.

In his address at the opening of the new office, President Chino said ADB will continue to support state-focused operations in India. In the mid-1990s, ADB embarked on a strategy to focus on selected states to bring about structural reforms followed by reforms in specific sectors. Up to 50% of its annual lending to India is now targeted at state-level operations. ADB’s three focal states in India are Gujarat, Kerala, and Madhya Pradesh.

__________________________________

Find out more about ADB's activities in the India.

Email this to a friend