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ADB to provide loan to India

Tags: Economics/Business

Government of India and Asian Development Bank(ADB) has signed two agreement for loan to projects in India 

  • ADB will provide a $125 million loan to improve access to safe and affordable drinking water supply and citywide inclusive sanitation services in Dehradun and Nainital cities in the state of Uttarakhand.
  • It will also provide a $150 million loan to provide access to inclusive, resilient, and sustainable housing for the urban poor in the state of Tamil Nadu.

Asian Development Bank 

It was set up in 1966 after a resolution was passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963 .

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.

Originally there were 31 members when the Bank was set up in 1966 and now it has  68 members—of which 49 are from within Asia and the Pacific and 19 outside.

India is the largest recipient of ADB loan 

Headquarter of ADB : Mandaluyong City, Manila, Philippines

Current President of ADB: Masatsugu Asakawa  of Japan 

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