ADB Approves $2.9 Bln. Funding Plan For India

 @ibtimes
on June 17 2009 12:25 AM

RTTNews - Asian Development Bank, the multilateral lending agency approved $2.9 billion funding plan for India in spite of China's objections of some projects in Arunachal Pradesh, reported the PTI.

ADB External Relations Principal Director Ann Quon reportedly said that India's strategy for 2009-12 was discussed on June 15 by the Board, which supported the general development strategy of the country. The country strategy for India was formulated in line with development priorities set out in eleventh five-year plan. The strategy covering 2009-12 coincides with ADB's strategy 2020, said the ADB.

The regional development bank had to postpone the discussion in March on the country partnership strategy for India as China protested the inclusion of $60 million watershed development project in Arunachal Pradesh. However, the bank said that differences between the two countries will have no bearing on lending plans of the ADB to India as it does not look into political affairs of any member. The bank also clarified that it takes no position on territorial disputes between its members.

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