New Delhi, May 4 (PTI): Finance minister P. Chidambaram today said the public sector would contribute to the development of infrastructure in a big way by providing as much as $350 billion out of the $500 billion needed in the next five years.

“The contribution of the public sector would be a significant $350 billion. Clearly, the role and responsibility of the public sector has not diminished,” the minister said in a statement at the informal meeting of Saarc finance ministers in Madrid.

Chidambaram along with other senior ministry officials is in Madrid to attend the 41st annual meeting of the Asian Development Bank. The private sector is likely to provide only $150 billion for the development of infrastructure, the minister said, adding that the ADB should not ignore the public sector while shifting the focus to private sector.