Union finance minister P Chidambaram on Sunday urged the Asian Development Bank to increase its annual lending capacity to $20 billion in the next 10 years.
Speaking at the 47th Annual Meeting of ADB Board of Governors in Astana, Kazakhstan, Chidambaram said the development needs of the member countries is large and growing, an official statement said.
“Over the last 5 years, since the last General Capital Increase (GCI), annual lending capacity of ADB under Ordinary Capital Resources (OCR) has been $10 billion to $11 billion. The development needs of our members are quite large and growing,” he added.
The minister said the development bank needs to be sufficiently resourced to assist its members to address challenges like fighting poverty or developing infrastructure.
“In this context we should aim to have ADB double its lending capacity over the next 10 years,” he added.
The finance minister further said: “I would respectfully urge the members to give this issue a serious consideration and quickly come to an agreement on capital increase with a view of doubling the annual lending capacity of ADB to $20 billion in the next 10 years.”
He also requested the members to reconsider the increase in loan charges that was opposed by most of the members.