India ADB sign 190 million USD loan

On 12 October, 2019, the GoI signed a 190 million USD loan with the Asian Development Bank (ADB) to upgrade road transport in the state of Rajasthan. The project includes upgrading of 754 km of state highways, major district roads to two lane. The project will benefit 26 million people in 14 districts of Rajasthan.

The project also includes construction of more than 200 bus stops and 2 km of raised side walk.

In 2017, the bank offered 220 million USD of loan to upgrade 1,000 km of road.

India and ADB

India is one of the founding members of the ADB. It is the fourth largest shareholder in the bank. In 1980s and 1990s the bank supported the government’s program of industrialization. India got its first loan from the bank in 1986 as Industrial credit to introduce new technologies and to modernize medium-sized industries.

About ADB

The bank was established in 1966. The headquarters of the bank is located in Philippines. The bank was modeled close to World Bank. Every year ADB releases an annual report that summarizes its budget, operations and other materials for review by the public.

ADB is a UN observer. Japan and US hold the largest shares of the bank as of 2016. China is the third largest shareholder followed by India and Australia.

Month: Current Affairs - October, 2019