ADB Current Affairs - 2019

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ADB, India sign $451 million loan to strengthen Power Connectivity in Tamil Nadu

Government of India and Asian Development Bank (ADB) has signed a $451 million loan for strengthening power connectivity between northern and southern parts of Chennai–Kanyakumari Industrial Corridor (CKIC) which is part of East Coast Economic Corridor (ECEC). ECEC is India’s first coastal economic corridor.

Key Highlights of Project

It will help establish extra-high-voltage transmission link between Coimbatore and Virudhunagar. It will meet increased power demand in CKIC by transfering additional generation capacity of 9,000 megawatt (MW), including 6,000 MW from renewables by 2025. This will help reliably evacuate power from these new power plants in southern CKIC.

It will also build operational capacity of TANTRANSCO (Tamil Nadu Transmission Corporation) by supporting a financial restructuring plan and improved monitoring system for social and environmental impacts. TANTRANSCO is state-owned company responsible for transmission.

It will help Tamil Nadu to meet increasing demand for power supply from industry and commercial enterprises in State through transfer of power from new generation facilities, including renewable energy, in southern CKIC to industrial hubs in northern region of state.

The project will provide an impetus to industrial development of CKIC, which ADB has been assisting through strategic planning and investments in infrastructure while facilitating industrial investments.

About Chennai–Kanyakumari Industrial Corridor (CKIC)

East Coast Economic Corridor (ECEC) of which CKIC is a part, covers 2500km of India’s coastline. Asian Development Bank (ADB) is lead partner of Government of India for developing ECEC and will invest $500 million in infrastructural development of the project.

Component corridors of ECEC includes 4 Corridors, which will be completed in 3 Phases-

  • Phase 1 covers Visakhapatnam–Chennai Industrial Corridor (VCIC) (it was approved by ADB board in October 2016), it lies largely in Andhra Pradesh
  • Phase 2 involves Chennai–Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu
  • Phase 3 supports Odisha Economic Corridor (OEC) and West Bengal Economic Corridor (WBEC)

India and ADB sign 91 million USD to improve water resources in Karnataka

On November 18, 2019, India and the Asian Development Bank (ADB) signed a 91 million USD agreement to improve water security of Karnataka. The loan will help to modernize the Vijayanagara Channel irrigation systems and also to increase the efficiency of Krishna river basin.

Highlights of the project

  • The Karnataka Government will strengthen the basin institutions for Integrated and Sustainable Water Resources Management Investment Programme.
  • The Programme plans to modernize about 442 kilometers of main distributaries in the Vijayanagara Channel network.
  • The programme has two project loans. It will help Karnataka water agencies to roll out efficient river basin management plans.
    • The first project will modernize the irrigation system
    • The second project will strengthen water governance

Significance

  • The programme will help to save 1,700 million cubic metres that can be used on additional 160,000 hectares of farm land
  • The project will establish 30 water user cooperative societies. This will strengthen irrigation canals of the farmers.
  • It will help to improve efficiency of 84% of state’s total water use.

Asian Development Bank

The Bank is on the foot steps of achieving prosperous, resilient, sustainable and inclusive Asia and Pacific. Its goal is to eradicate poverty. In 2018 alone, the bank provided a loan of 21.8 billion USD funding several projects in the region