The Vice President of the Asian Development Bank (ADB), Bhargav Dasgupta, has stated that space sector the bank is open to funding the space sector in India.
The bank is also focusing on climate finance to mitigate the associated risks.space sector.
Although ADB has carried out some satellite projects in the Asia Pacific region, it has not provided any assistance to the Indian space sector.
However, Dasgupta said that the bank is open to new areas of investment. He added that they are always looking for alignment with their objectives in terms of Sustainable Development Goals (SDGs) before funding any project.
Last month, the Indian government amended its foreign direct investment policy in the space sector to attract offshore investors in satellite manufacturing and satellite launch vehicles segments.
Dasgupta also talked about ADB’s excitement about the work that is happening in India, including rooftop solar projects, large solar projects, pump hydro, and battery storage.
He added that the bank is talking to many sponsors in these segments and will be happy to finance as many as possible. The corporate sector in India has also shown an interest in energy transmission and converting older coal-fired power projects into green energy units.
Dasgupta, who was appointed Vice President of ADB in September last year, is responsible for managing the bank’s Private Sector Operations Department and Office of Markets Development and Public Private Partnerships.
ADB, established in 1966, is owned by 68 members, 49 from the region. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
India, a founding member of ADB, is now ADB’s fourth largest shareholder and its top borrower since 2010.