‘Asia must guard against risks coming from developed world’

While there are many challenges,he said,“the region’s fundamentals are strong. It’s continued strong growth in the aftermath of the global crises bodes well for the future. With continued international support… Asia will continue to build on its economic and social achievement,and this will benefit the world as a whole”. ADB chief’s statement comes at a time when euro zone nations are passing through sovereign debt crisis and the world is reeling under high prices of commodities including crude oil.

Asia,Kuroda added,has an unprecedented opportunity to chart a new course and provide a better life for its people and also contribute to global growth and their well being.

“Asia needs to also recognise the critical importance of knowledge-led growth. How Asia manages these challenges will have a significant impact on future growth and stability”,the ADB chief said.

Kuroda further said that replenishment of the Asian Development Fund by $12.4 billion for the next four years would help in fighting poverty in nations of Asia and the Pacific region.

The four-day annual conference of the ADB was attended by over 5,000 participants. India will host the next annual meeting of the multilateral lending agency at Greater Noida on the outskirts of New Delhi.

ADB to provide $6.25 billion assistance to India

The Asian Development Bank (ADB) will provide assistance of $6.25 billion to India over three years for various projects,including those in the energy and education sectors. “ADB’s three-year country operations business plan for India for 2012-2014 will provide lending assistance of $6.25 billion to support inclusive and environmentally sustainable growth,” Secretary,ADB,Robert Dawson said. The lending support will go to areas like transport,energy,urban development,agriculture,natural resource management,finance and education.