ADB commits USD 10 billion to support development of States in India
The Asian Development Bank has committed USD 10 billion to support infrastructure building and to cater to the immediate development needs of less-developed States in India. This has been stated by ADB President Takehiko Nakao during his 3-day visit to India.
The ADB president has said that the bank is ready to meet immediate critical infrastructure needs of less developed states like Uttar Pradesh, Bihar, Jharkhand, Odisha and Chhattisgarh over a period of five years.
ADB has also assured its support to relatively lesser developed states in the area of power, transport, urban development, and health services.
ADB’s President has also in-principle accepted India’s suggestion of setting up a regional hub in New Delhi to cater to the needs of the South Asia region.
As per the estimates of ADB, India is expected to grow by 7.4% in the current financial year and 7.6% in 2018-19.
ADB is multilateral lending agency based in Manila, Philippines. It was established on 19 December 1966. It aims to reduce poverty in Asia and the Pacific region through inclusive environmentally sustainable growth, and regional integration. It provides finance to both sovereign countries as well as to the private parties. It provides hard loans to middle-income countries and soft loans to poorer countries.
ADB has 67 members – 48 from the Asia-Pacific region including India and is collectively owned by these 67 members. The non-Asia Pacific region members are only developed countries. Most of the ADB’s lending is concentrated in five operational areas viz. Education; Environment, Climate Change & Disaster Management; Finance Sector Development; Regional Cooperation & Integration; and Private sector lending.
Month: Current Affairs - June, 2017