News:India and Asian Development Bank(ADB) have signed 190 million dollar loan agreement for improving road connectivity in Rajasthan.
About Asian Development Bank(ADB):
- The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.
- ADB is headquartered in Manila, Philippines.It aims to promote social and economic development in Asia.
- It assists its members and partners by providing loans, technical assistance, grants and equity investments to promote social and economic development.
- ADB has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
- Japan and US holds the largest proportion of shares in ADB followed by China, India and Australia. ADB is also an official United Nations Observer.
India and ADB:
- India was a founding member of ADB in 1966 and is now the bank’s fourth-largest shareholder and top borrower.
- ADB commenced operations in India in 1986 and has since committed 229 sovereign loans totaling $38.9 billion.
- In 2018, ADB committed a record $3.03 billion for 19 sovereign projects to help India develop infrastructure and services in transport, energy among others.