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Approval of $200 Million Loan from Asian Development Bank

  • Category
    Economy
  • Published
    20th Aug, 2019

The Asian Development Bank (ADB) has approved a $200 million loan for improving road infrastructure in 34 districts of Maharashtra for better connectivity of rural areas with markets and services

Context

The Asian Development Bank (ADB) has approved a $200 million loan for improving road infrastructure in 34 districts of Maharashtra for better connectivity of rural areas with markets and services

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  • Although, Maharashtra accounted for almost 15% of the Gross Domestic Product in 2016­ 17. But economic development is concentrated around the urban centres of Mumbai, Pune, and Thane.
  • Moreover, 20 million people, or 17% of the State’s population, still live below the national poverty line.
  • The project aims to upgrade rural roads in 34 districts of the State of Maharashtra to all-weather standards.
  • The roads will improve connectivity between habitations, productive agricultural lands, and economic growth centers across the state.

Significance

  • The move will enhance employment opportunities and help reduce poverty, especially in rural areas where about 55% of the state's population lives.
  • It will also enhance agricultural productivity, add value to agricultural produce and will contribute to increasing the average growth rate of agriculture and allied activities to more than 5% per year by 2030 target of the state's long-term strategic development plan, Vision 2030.

Asian Development Bank (ADB)

  • The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
  • ADB encompasses 68 members—of which 49 are from within Asia and the Pacific and 19 outside.
  • India was a founding member of the Asian Development Bank (ADB) in 1966 and is now the bank’s fourth largest shareholder and top borrower.
  • Cumulative loan and grant disbursements to India amount to $29.24 billion
  • It is headquartered in Manila, Phillipines.
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