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India Requests ADB to Focus on West and South Asia

Garg, who is an Alternate Governor on the ADB Board, the ADB "strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well," the statement said.

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Back in the Indian Test cricket team after more than a year, middle-order batsman Karun Nair says he is now working to become an all-format player in future.
Karun Nair will lead the India A side in the four-day matches in the UK. wikimedia commons

India has urged the Asian Development Bank (ADB) to focus more on the West and South Asia regions after successful East Asia interventions by the multilateral lender and has said there is no case for increasing cost of its loan instruments as it has no capital deficiency, an official statement said on Sunday.

In his intervention on Saturday at the ADB’s annual meeting in Manila, Economic Affairs Secretary S.C. Garg also made a strong case for ADB to adopt “country systems” for procurements and environmental safeguards and called for increasing lending for the private sector in developing countries, a Finance Ministry release said here.

Garg, who is an Alternate Governor on the ADB Board, the ADB "strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well," the statement said.
Asian Development Bank HQ, wikimedia commons

Garg, who is an Alternate Governor on the ADB Board, the ADB “strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well,” the statement said.

“He emphasized that the private sector operations of ADB as envisaged in the strategy should be enhanced and there should be more focus on equity participation.

“He also stated that there is absolutely no case for increase of cost of of various loan instruments as there is no capital deficiency in ADB,” it said.

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“Garg also argued that there is a strong case for ADB to adopt Country Systems for procurements and environmental safeguards and called for concerted efforts towards increasing lending for the private sector in developing member countries,” it added.

According to the statement, he also highlighted the need for taking into account the likely impact technical advancements such as Artificial Intelligence (AI) and robotics, so that ADB can equip the member countries to reap maximum benefit.

The Indian delegation to the ADB also held bilateral meetings with the Japan Bank for International Cooperation. (IANS)

Next Story

Tesla to Develop its Largest Power Storage System in Asia

Tesla said it managed to install all the hardware in only two days

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tesla
Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

In a bid to reduce energy demand and provide emergency backup power to trains in Japan, Tesla has claimed to develop its largest power storage system in Asia.

According to Tesla, it has installed a bank of 42 Powerpacks at a train station in Japan’s Osaka that can provide sufficient backup power to safely move a train and its passengers to the nearest station in the event of a power outage.

“In the event of a grid outage, this Osaka Powerpack installation is designed to provide emergency backup power to safely move a train and its passengers to the nearest station,” Tesla tweeted.

The 42 Powerpack battery system will also help reduce energy demand on the Osaka grid during peak hours,” the tech major added.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

According to reports, Tesla said the 7 megawatt-hours (MWh) system is its largest energy storage project in Asia, and the fourth largest in the greater Asia-Pacific (APAC) region.

Launched in partnership with Kintetsu, a railway operator in Japan’s Osaka, the new Tesla Powerpack system is a fully integrated, AC-connected energy storage system that can connect to a building or utility network. The system contains 16 individual battery pods, each with an isolated DC-DC converter.

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Tesla said it managed to install all the hardware in only two days. (IANS)