India, ADB mark 25 years of partnership

October 11th, 2011 - 5:09 pm ICT by IANS  

Pranab Mukherjee New Delhi, Oct 11 (IANS) India and the Asian Development Bank (ADB) will next week mark 25 years of partnership and discuss ways to keep up the momentum of economic growth in the region in view of slowdown in advanced countries.

Finance Minister Pranab Mukherjee, ADB President Haruhiko Kuroda, finance ministers of the Philippines and Malaysia, senior government officials and eminent economists are likely to attend the event to be held here Oct 17, an official statement said Tuesday.

“This event is an effort to bring to New Delhi some of the best minds in Asia and to discuss the future of Asia,” said Venu Rajamony, Joint Secretary, Department of Economic Affairs.

Rajamony, who oversees the work of ADB and other multilateral development agencies in India, said at the event officials would discuss ways of further strengthening cooperation to ensure high economic growth in the region.

“Having successfully ignited growth, Asia faces challenges in sustaining growth and ensuring that it is inclusive. Unless Asia works out solutions to these challenges, and embeds them in larger regional and global contexts, the Asian Century may prove to be elusive,” he said.

Manila-headquartered Asian Development Bank started lending operations in India in 1986. Since then it has advanced loans worth $24 billion for over 150 projects spread across the country.

ADB was established in 1966. It is owned by 67 member countries, 48 of them from Asia-Pacific region.

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