The Asian Development Bank is open to funding the space sector in India in addition to focusing on climate finance to mitigate the associated risks, said its Vice President Bhargav Dasgupta on Friday.
While ADB has undertaken projects related to satellite technology in the Asia Pacific region, it has yet to provide assistance specifically within India's space sector.
"We have not done much till now. We are always open to look at new areas...we understand it has been opened up and there is a lot of interest on the startup side...if we find alignment with our objectives in terms of Sustainable Development Goals (SDGs), we will look at it," Dasgupta mentioned.
Last month, the Indian government announced amendments to the foreign direct investment policy in the space sector, aiming to attract offshore investors into satellite manufacturing and satellite launch vehicle segments.
Discussing ongoing initiatives in India, Dasgupta said, "we are very excited about the work that is happening in the country including recently launched rooftop solar projects, large solar projects, pump hydro, and battery storage. We are talking to many sponsors in these segment and we will be happy to see how many of them we can finance."
Besides, he said there is a lot of interest in the corporate sector in energy transmission, conversion of older coal-fired power projects into green energy units.
Dasgupta, former MD and CEO of ICICI Lombard, was appointed Vice President of ADB in September last year. He is responsible for management of ADB's Private Sector Operations Department and Office of Markets Development and Public Private Partnerships.
Established in 1966, ADB is owned by 68 members, 49 of which are from the region. The bank is committed to achieving prosperity, inclusivity, resilience, and sustainability in Asia and the Pacific region, with ongoing efforts to eradicate extreme poverty.
India, a founding member of ADB, has emerged as the institution's fourth-largest shareholder and its top borrower since 2010.
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