India, ADB sign $500 million loan to build longest river bridge across Ganges River
The Union Government and Asian Development Bank (ADB) have inked a $500-million loan agreement to build a 9.8 km long road bridge across the Ganga River in Bihar.
It will be country’s longest river bridge and shall provide better connectivity between North and South Bihar and also Patna and its surrounding areas.
In addition to the loan, ADB will $900,000 in technical assistance. The state government will provide $215 million for the project. It is expected to be completed by end of December 2020.
- The new Ganga Bridge will be located near Patna. It will span both channels of the Ganga River and serve as an alternate route to the existing Ganga Bridge, which has begun to deteriorate. The project will include building of embankments, viaducts and toll facilities.
- The bridge will be constructed using the latest engineering techniques. It will serve as an alternative to the existing bridge and will be linked to the National Highway network.
- It will be first of its kind in India with its height and length customized to deal with climate- related issues such as rise in water levels while ensuring minimum impact on the river.
About Asian Development Bank (ADB)
- The ADB is a regional development bank which aims to promote social and economic development in Asia.
- It was established on 19 December 1966. It is headquartered in Manila, Philippines.
- ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
- The ADB has been modelled closely on the World Bank. It has similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
- As of 2014, Japan is the largest shareholder (capital subscription) of ADB having 15.7% shares. US (15.6%), China (6.5%), India (6.4%), and Australia (5.8%).
Categories: India Current Affairs 2017