NEW DELHI (PTI): The Asian Development Bank (ADB) will extend to Indiaa300 million dollar loans for financial sector reforms and promised to keep up one billion dollar loan portfolio to India annually over the next two to three years.
This was decided at a 45-minute meeting between the visiting ADB president Kimimasa Tarimuzu and the finance minister Dr.Manmohan Singh here Dec.10.
The amount will be essentially utilized for reforms in the financial markets and the banking system the finance minister said.
The ADB was very happy with the pace of reforms being carried out in India and expressed satisfaction with the “very pleasant” meeting with members of the Indian government and officials.
ADB said the social safety net for rehabilitation of workers displaced as a result of the restructuring of public sector undertakings also came up besides assistance for port sector coal and energy.
Article extracted from this publication >> December 30, 1992
