Asian Development Bank on Thursday said it will enhance funding to India to $3 billion annually for the next three years and raise funds in the country’s bond markets for investing in infrastructure development in the country.

“India requires huge investments in the infrastructure sector and 70 per cent of the annual $3 billion would go to sectors like power, roads and rural infrastructure,” ADB Managing Director General Rajat Nag told reporters on the sidelines of the CITI-FT Financial Education Summit here.

ADB currently lends about $2-2.5 billion to India and beginning 2008, this would be increased to $3 billion, which would be invested through public sector for infrastructure development. Mr Nag said it is estimated that about $1.6 trillion would be required for infrastructure development in India over next 10 years.

“We are ready and have talked to the authorities concerned to raise local currency for investment in the country.

We are waiting for the market conditions to be right,” he said.