ADB Grants Loan for Mizoram
2nd Nov, 2021
Recently, to support urban mobility in Mizoram, the Asian Development Bank (ADB) and the Government of India has signed a USD 4.5 million Project Readiness Financing (PRF) loan.
- Due to rapid and unplanned urban migration, the migration of people from the cities of Aizawl, the center of the Mizoram administration and services industry has been severely delayed.
- This has a detrimental effect on road safety and has caused traffic congestion, poor mobility, and environmental sustainability.
- Being developed through project readiness financing, the ensuing project seeks to resolve the city’s transport problems by adopting sustainable urban mobility solutions.
- It will help in developing the capacities of the Department of Urban Development and Poverty Alleviation prior to implementation and project preparation activities.
- The Comprehensive Mobility Plan (CMP) will improve urban economic competitiveness by improving the order and access to services, basic services, education, etc. and facilitate the efficient use of funds for inappropriate programs.
- The PRF will develop Aizawl's CMP which outlines an urban transport development strategy and builds partnerships with urban development planning in the state, and promotes climate resilience and disaster risk, as well as gender inclusion in its interventions.
Asian Development Bank
- Asian Development Bank is a regional development bank established on 19th December 1966.
- Headquarter: Manila, Philippines.
- 68 members, 49 from within Asia.
- India is one of the members.
- Among the five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
- The aim of ABD is to promote social and economic development in Asia and the Pacific.
- Asian Development Outlook (ADO): Series of annual economic reports on the Developing Member Countries (DMCs) of the Asian Development Bank (ADB).