Developmental Funds Current Affairs - 2019
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The Asian Development Bank (ADB) has decided to increase its annual lending to India to maximum of $4 billion between 2018 and 2022 to help fasten inclusive economic transformation towards upper middle income status.
The new lending programme also includes private sector operations. It is much higher than average $2.65 billion a year in loans extended during 2012 and 2016.
The ADB’s programme in India will focus on three main pillars of activity during the 5-year period. These three pillars are
(i) Boost economic competitiveness to create more and well-paid jobs,
(ii) Improve access to infrastructure and services, and
(iii) Address climate change and improving climate resilience.
Asian Development Bank (ADB)
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. Now it 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 was largest shareholder (capital subscription) of ADB having 15.7% shares followed by US (15.6%), China (6.5%), India (6.4%), and Australia (5.8%).