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New Delhi, May 4 (PTI) Asian Development Bank (ADB) has granted loans in excess of USD 8 billion to India for various development projects since 1986. "ADB has always been a valued multilateral organisation for India. Starting with two loans worth USD 250 million in 1986 to 52 loans amounting to more than USD 8 billion now, India''s engagement with ADB has been steadily growing," Finance Minister Pranab Mukgherjee said in his address to annual meet of ADB at Tashkent. While external assistance does not amount to a significant percentage of the GDP, such assistance is welcome for the strong value addition it is expected to bring, in terms of knowledge transfer and sharing of international good practices, he said. It is extremely important, therefore, that India constantly strive for efficiency in the funds deployed, both in the designing of projects and in the utilisation of loan, he added. The Minister, who was in Tashkent yesterday to attend the 43rd annual meeting of the board of governors of the Asian Development Bank (ADB), also said it was imperative to align regional goals with global growth. The ADB meeting is taking place at a time when the world economy is recovering from the global recession, which was triggered by the fall of the America''s iconic investment banker Lehman Brothers in September 2008. Mukherjee also appreciated the decision of ADB to appoint an Indian as fifth Vice-President to look after private sector operations, an official release said. ADB has appointed Lakshmi Venkatachalam, an Indian bureaucrat, as fifth Vice-President for three years.
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