NEWS – India, ADB sign $400-million loan pact to create urban infrastructure

ABOUT THE MOU

• $400 million policy-based loan agreement
• Create high-quality urban infrastructure, improve service delivery, and promote efficient governance systems, according to a statement from the finance ministry
• Envisages integrated planning reforms to control urban sprawls and foster systemic and planned urbanization through enhancing the entire ecosystem of legal, regulatory, and institutional reforms

ASIAN DEVELOPMENT BANK (ADB)

• Regional development organization dedicated to promoting economic and social development in Asia and the Pacific
• Established in 1966 and is headquartered in Manila, Philippines
• Membership: 68 countries + majority from the Asia-Pacific region
• Primary mission: reduce poverty and promote sustainable economic development in its member countries
• Provides financial and technical assistance for a wide range of development projects and programs
• Governed by its member countries, each of which is a shareholder in the bank
• Highest decision-making body is the Board of Governors, which typically meets annually
• Day-to-day operations are overseen by the Board of Directors