New Delhi, Aug 27 (KNN) India has stressed for an increase in capital from the Asian Development Bank (ADB) to ensure it maintains a leading role in the development of the Asian region. 

Finance Minister Arun Jaitley had a meeting with the ADB President Takehiko Nakao here yesterday.

Jaitley stressed on the capital increase in the ADB to maintain a leading role in development financing in Asia, according to a Finance Ministry statement.

Jaitley complimented the ADB President for his efforts in pursuing mid-term review of Strategy 2020 and formulating a well-defined action plan for its implementation (towards achieving overarching goal of Asia and the Pacific free of poverty). During the meeting, key priorities of the government were discussed. 

Nakao assured support of the ADB to partner India’s development strategies and aspirations through delivery of a diversified programme of financing, knowledge exchange and capacity building.

India is the highest cumulative borrower of World Bank, with a current portfolio of 70 projects having a commitment of USD 9.669 billion.

Nakao is on a visit to India from August 26-28, 2014. This is his third visit to India in his capacity as the President, ADB. (KNN/SD)