For the long-term infrastructure needs of the region, Prime Minister Manmohan Singh asked the Asian Development Bank (ADB) to introduce innovative instruments.
Speaking at the multilateral lending body’s annual meeting in New Delhi, Singh said the ADB must find innovative ways to channelise global savings into infrastructure projects in the Asian region.
Cost of financing long-term infrastructure projects may decline through the expansion of infrastructure financing and investment through the intermediation of the ADB, he said.
He remarked that Asia would certainly play a far greater role in world affairs and in promoting global well-being if the potential of the Asian economies is harnessed fully through appropriate policies and a strategic vision.
While he understood that the level of lending that the multilateral agency could sustain was projected to decline, the region needed investment as it Â“stands on the verge of a momentous transformation, the Prime Minister.
On his part, Finance Minister P Chidambaram urged for considering ways and means to increase ADBÂ’s resources to meet AsiaÂ’s needs for infrastructure, economic growth and poverty reduction.