Finance Minister Pranab Mukherjee on Monday said European nations will have to find their own solution to the problem of sovereign solvency and make a credible assessment of liquidity needs. Speaking at an Asian Development Bank (ADB) seminar in New Delhi he said that convergence of views from the G-20 Finance ministers is that sovereign debt issue has to be resolved by the European countries themselves .The leaders of European nations are meeting on 23 of October to work out a solution to their sovereign debt problems. He added that outcome of the summit of European leaders will be taken into consideration by the G-20 leaders, who are scheduled to meet at Cannes in France on November 3 and 4 of next month. The Minister exuded confidence that the country will attain 8.5 to 9 percent growth in the medium to long term. Mr. Mukherjee, however, cautioned that India has to be on alert and respond to the emerging challenges and concerns to achieve the desired objectives. The Minister added that infrastructure development is critical for enhancing productivity and sustaining growth momentum. One trillion dollars of investment is needed in the next five years. Hailing the role of the ADB in development of India's infrastructure, he said that that this sector is vital for maintaining growth trajectory. Mr. Mukherjee said higher inflation is a matter of great concern and urged the bank to see how the social protection schemes can be better designed to help the poor and needy. Addressing the function, the President of Asian Development Bank Haruhiko Kuroda said that the bank remains committed in strengthening its partnership with India in the areas of rural development, water resources management, agri business, infrastructure development and financial inclusion.