The Asian Development Bank (ADB) and the Government of India signed a $200 million loan to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features.
Advantages of improved roads under the Project:
- It will contribute to savings in vehicle operating cost and travel time.
- It will reduce vehicle emissions, and
- It will improve road safety.
Asian Development Bank (ADB):
The Asian Development Bank 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.
It assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.
Established on 19 December 1966
Headquartered — Manila, Philippines
Official United Nations Observer
Voting rights
- It is modelled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
- United States > Japan > China > India >Australia
Source: PIB
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