The Asian Development Bank (ADB) and the Government of India signed a $220 million loan agreement meant to improve connectivity, transport efficiency, and safety on the State highways of Rajasthan.
- The loan is the first tranche of the $500 million Rajasthan State Highways Investment Program, approved by ADB Board in May this year,
- That will upgrade about 2,000 km of State highways and major district roads to two-lane or intermediate-lane standards to meet road safety requirements.
- The first tranche loan will improve about 1,000 km of State highways and major district roads.
Asian Development Bank
- A regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in Mandaluyong, Metro Manila, Philippines.
- ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
- The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
- The ADB offers hard loans on commercial terms primarily to middle income countries in Asia and soft loans with lower interest rates to poorer countries in the region.
Source : The Hindu
GS II : Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests