Asian Development Bank

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Context: The Government of India and Asian Development Bank (ADB) signed a $125 million loan to develop climate-resilient sewage collection and treatment, and drainage and water supply systems in three cities in the state of Tamil Nadu.

Details:

• The Government of India and Asian Development Bank (ADB) signed a $125 million 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 financing is the third and the last tranche of the $500 million multi-tranche financing facility (MFF) for the Program approved by ADB in 2018 to build priority water supply, sewerage, and drainage infrastructure in strategic industrial corridors across 10 cities in the state. The tranche 3 loan covers Coimbatore, Madurai, and Thoothukudi.

About:

• About: The Asian Development Bank (ADB) is a regional development bank established in 1966.
• HQ: It is headquartered in Manila, Philippines.
• Objective: ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
• Members: The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. From 31 members at its establishment, ADB now has 68 members.
• Voting: The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions.
• Share: Japan and the United States each hold the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1886918