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Current Affairs

Government inks $ 26 million loan agreement with ADB

Date: 09 March 2019 Tags: International Organizations

Union Government has inked $26 million loan agreement with Asian Development Bank (ADB) to provide additional financing for improving drainage infrastructure in Dibrugarh town of Assam. It is part of ongoing loan of US $51 million dollars under Assam Urban Infrastructure Investment Program aimed at helping to improve water supply infrastructure in Guwahati and solid waste management and drainage infrastructure in Guwahati and Dibrugarh.

Asian Development Bank (ADB)

  • It is multilateral lending agency based in Manila, Philippines. It was established on 19 December 1966.
  • It is collectively owned by its members. It has total 67 members – 48 from Asia-Pacific region (including India) and 19 from outside.
  • It is modeled closely on World Bank and has similar weighted voting system where votes are distributed in proportion with members' capital subscriptions.
  • It envisions prosperous, inclusive, resilient, and sustainable Asia and Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
  • It assists its members, and partners, by providing loans, technical assistance, grants and equity investments to promote social and economic development
  • It provides finance to both sovereign countries as well as to private entities. It provides soft loans to poorer countries and hard loans to middle-income countries.
  • Most of its lending is concentrated in five operational areas viz. education, environment, climate Change & disaster management, finance sector development, regional cooperation & integration and private sector lending.