ADB to provide $200 Million loan for improving road infrastructure in Maharashtra
Asian Development Bank (ADB) has approved US $200 million loan for Road Infrastructure Improving project in Maharashtra’s 34 districts for better connecting rural areas with markets and services. The proceeds of loan from ADB will be used for upgrading roads in rural areas of these districts to all-weather standards for boosting links between local residents and economic centres across the state.
ADB Project for improving road infrastructure
Its total cost is US $296 million, of which State Government will provide US $96 million. It will be implemented by ADB and Maharashtra Rural Road Development Association (MRRDA). It will be completed by end of September 2024. Its major components are developing road safety, road asset management, contract management, and climate resilient design.
Benefits of project: It will help to boost links between local residents, productive agricultural land and economic centers across the state. It will also help in improving farmers’ access to markets, which in turn will help to boost agricultural productivity and incomes of farmers as well as promote investment in agribusiness and agriculture value chain infrastructure.
About Asian Development Bank (ADB)
It is multilateral lending agency and regional development bank. It was established in December 1966 and is headquartered in Manila, Philippines. It envisions inclusive, resilient, prosperous, and sustainable Asia and Pacific and aims towards sustaining efforts to eradicate extreme poverty in region. At present there are 68 member nation of ADB (including India) which includes 49 from Asia-Pacific region and 19 from outside. It is collectively owned by its member and is closely modeled on World Bank (WB). It member countries have similar weighted voting system and votes are distributed in proportion with member’s capital subscriptions to bank.
Category: Economy & Banking Current Affairs