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Source: The post is based on the article “ADB, India sign $200 million loan for expanding urban services in Rajasthan” published in PIB on 28th July 2023.
What is the News?
The Government of India and Asian Development Bank (ADB) today signed a $200 million loan as additional financing for the ongoing Rajasthan Secondary Towns Development Sector Project.
What is the Rajasthan Secondary Towns Development Sector Project?
Aim of the project: To expand water supply and sanitation systems, while also enhancing urban resilience and promoting heritage conservation in selected towns.
The project will incorporate various innovative and climate-resilient solutions for expanding basic urban services such as incorporating nature-based solutions to rehabilitate heritage structures, piloting public-private partnerships in the state’s water and sanitation sector among others.
What is the Asian Development Bank(ADB)?
The Asian Development Bank (ADB) is a regional development bank setup in 1996.
Purpose: ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
Members: From 31 members at its establishment in 1966, ADB has grown to encompass 68 members—of which 49 are from within Asia and the Pacific and 19 outside.
Shares: As of 2022, ADB’s five largest shareholders are Japan and the United States (each with 15.6%), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
Headquarters: Manila, Philippines.
