Published on: December 28, 2022
Asian Development Bank
buy Latuda 40mg uk Why in news? India and Asian Development Bank (ADB) sign $125 million loan to improve Urban Services in Tamil Nadu
- Loan to develop climate-resilient sewage collection and treatment, and drainage and water supply systems in three cities in the state of Tamil Nadu.
- The tranche 3 loan covers Coimbatore, Madurai, and Thoothukudi.
- In Thoothukudi, climate-resilient stormwater drainage system will be developed.
About Asian Development Bank
- Formation : 1966
- Type: Multilateral Development Bank( Regional)
- Legal status: Treaty
- Purpose: Social and Economic Development
- Headquarters: Mandaluyong, Philippines
- Region served: Indo- Pacific
- Membership: 68 countries
- President: Masatsugu Asakawa
- Admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and non-regional developed countries.
- Voting system : Distributed in proportion with members capital subscriptions.
- ADB is an official United Nations Observer
- Proportion of shares: Japan and the United States each holds the largest proportion of shares followed by China ,India and Australia
- Financing: Hard” loans on commercial terms primarily to middle income countries in Asia and “soft” loans with lower interest rates to poorer countries in the region.