ADB approves Lining Project of Son Canal in Bihar
The Asian Development Bank (ADB) has approved Lining Project of Son canal in Shahabad-Bhojpur region of Bihar. The estimated cost of this project is US $503 million (Rs 3272.49 crore) out of which US $352 million is being provided by ADB. This project on completion will bring immense benefits to agriculture sector of Shahabad – Bhojpur region of Bihar. Ministry of Power has requested ADB and Ministry of Finance to expedite and tender for first phase of lining of the main canal and branches by October 2018.
Asian Development Bank (ADB)
ADB is a regional development bank which aims to promote social and economic development in Asia. It was established in December 1966. It is headquartered in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside. The ADB’s main objective is to assist its members and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
The ADB has been modelled closely on the lines World Bank. It has similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions. As of 2014, Japan was largest shareholder (capital subscription) of ADB having 15.7% shares followed by US (15.6%), China (6.5%), India (6.4%), and Australia (5.8%).
Month: Current Affairs - July, 2018