Set up regiol hub in New Delhi, Jaitley urges ADB

Fince Minister Arun Jaitley on Saturday urged the Asian Development Bank (ADB) to set up a regiol hub for South Asia in New Delhi so that the majority of proposals could be processed speedily. Addressing the ADB Board of Governors here, Jaitley said there was need to look at processes and procedures for which more could be done to keep pace with the aspirations of the people.  “For instance, time required to approve a proposal as well as the time lag between approval and disbursement of loans can be further reduced. I am sure you all would agree that speed is what will keep ADB ahead of others. In this context, I would strongly urge the bank to set up a regiol hub in New Delhi for South Asia region so that a majority of the proposals could be processed there speedily,” Jaitley said. The Fince Minister, who is India’s Governor on the ADB Board, is here to attend the annual meeting of the Board of Governors on the occasion of its 50th anniversary.  He said such hubs could be established in other regions too. “Many countries in the region have very good systems for social and environmental safeguards with a robust legal and regulatory framework.” (IANS)