May 6, 2016 2:08 PM

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Jaitley seeks capital ramp-up for 'bigger, better' ADB

Calling for reforms in the processes of Asian Development Bank (ADB), Finance Minister Arun Jaitley sought the need for making it bigger and better to support growth in the region. Addressing the multi-lateral lender's annual meet in Germany's Frankfurt, Mr. Jaitley said, Asia-Pacific is trying to navigate its course amid shifting tides in the global economy. And ADB's ability to make valued and timely contribution is on test in such a situation, he said.The Finance Minister expressed concern over the decline in bank's disbursements under the sovereign projects in last few years. He asserted that the capital increase to enable ADB to meet its objectives cannot be delayed for too long. Mr. Jaitley also said India increased its contribution to 40 million dollars for Asian Development Fund (ADF) as part of the country's commitment to poverty alleviation in the region.

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