Asian Development Bank

Why is it in the news
    • Asian Development Bank (ADB) is moving into financing metro rail projects in the country in a big way.
    • ADB is traditionally strong in funding social sector projects in education, water and irrigation in India.
 
More in the news
    • Asian Development Bank (ADB) has given in-principle nod for financing four metro rail projects and a Rs 30,000 crore rapid rail corridor between Delhi and Meerut as part of its effort to improve urban transport system in India.
    • Simultaneous discussion are going on with other multi-lateral funding agencies for co-financing of these large urban transport projects in India including Bhopal and Indore Metro projects.
    • In addition, other projects especially expansion of Chennai and Bengaluru Metro are also under consideration.
    • ADB has funded Jaipur Metro and expansion of Mumbai Metro in the past.
    • Asian Development Bank (ADB):
      (1) ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
      (2) ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
      (3) It is modeled on the World Bank.
      (4) It has similar weighted voting system where votes are distributed based on member's capital subscription.
      (5) India has about 6% voting rights (4th highest, Japan highest and USA second highest)
      (6) ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.
      (7) It is Headquartered in Manila, Philippines.
    Source
    LiveMint.




    Posted by Jawwad Kazi on 2nd May 2019
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