ADB, India ink pact for road revamp

In news

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

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s