New Delhi: Asian Development Bank (ADB) on May 23 agreed to double its assistance to India to $ 2 billion annually for the next three years.

"The programme that has been decided in consultation with the Finance Ministry is to provide $ 6 billion assistance during 2003-05, of which 75-80 per cent will be for infrastructure," ADB deputy director general J K Lee told reporters.

The total assistance package, which works out to be Rs 30,000 crore in Rupee terms during 2003-05 would be for 28 projects.

The main areas which would receive ADB loans are highways and rural roads, power and hydro-carbon sector, railways, inland waterways and social services sector, Lee said.

In addition, ADB will provide Rs 100 crore of grants for technical assistance including the proposal to assist India to set up an Asset Reconstruction Company for tackling the non-performing assets in the banking sector running into Rs 60,000 crore.

ADB, which was providing India loan assistance of $ 1 billion annually for last three years, decided to step up its exposure in a bid to achieve the shared goal of poverty elimination through higher growth, Lee said.

PTI