Finance Current Affairs - 2019

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OSDMA bags SKOCH Award

The Odisha State Disaster Management Authority (OSDMA) has bagged the SKOCH Award, 2018 for its remarkable achievements in the field of disaster management. The award was presented at the 56th SKOTCH Summit held at New Delhi.

The SKOCH Award is being presented since 2003 to individuals and institutions having done meritorious works in the field of governance, finance, banking, disaster management, technology, corporate citizenship, economics and inclusive growth by Skoch Group.

OSDMA and Disaster Management

  • OSDMA had received Order-of-merit in the Gold category for constructing 879 multipurpose cyclone and flood shelters which played a key role in saving human lives during Cyclone Phailin in 2013.
  • OSDMA had received ‘Order-of-merit’ in the silver category for constructing disaster resilient houses for about 17,000 Phailin affected families by relocating them to safer places.
  • Order-of-merit Bronze was given to the OSDMA for its Early Warning Dissemination System for different hydro-meteorological disasters across the coastline of Odisha which will benefit 1,205 villages in 22 blocks of six coastal districts.
  • OSDMA had received ICHL award, 2013 for Excellence in Humanitarian Action in the field of Disaster Management and many certifications for effective management of disasters.

These awards are the recognition of Odisha becoming a model state in disaster management and risk mitigation since the 1999 Super Cyclone.

India and ADB sign $200 Million Loan to improve State Highways in Bihar

Union Government has signed $200 million loan agreement with Asian Development Bank (ADB) for Bihar State Highways III Project (BSHP-III). It will finance widening and upgrading of about 230 kms state highways in Bihar to all-weather standards with road safety features. Since 2008, ADB has provided four loans to Bihar amounting to $1.43 billion to upgrade about 1,453 km of State Highways and to construct new bridge over Ganga River near Patna (on completion it will be the India’s longest river bridge).

Bihar State Highways III Project (BSHP-III)

It was approved by ADB Board in October 2018. It aims at upgrading State Highways to standard two-lane width with road safety features and paved shoulders including reconstructing, widening and strengthening culverts and bridges. It also seeks to build institutional capacity of State for road design and maintenance and incorporate appropriate new technologies in the State’s road sub-sector. The improved roads under the Project will contribute to savings in vehicle operating cost and travel time, reduce vehicle emissions and improve road safety. This loan will complement efforts of Bihar Government to upgrade all state highways to meet minimum two-lane standard with better surfaces and improved road safety leading to improved connectivity. It will also establish State-level Road Research Institute to improve technical and management capacity of Road Agency Staff.

Asian Development Bank (ADB)

ADB is a regional development bank based out of Asia. It aims to promote social and economic development in Asia by achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. It was established in December 1966. It is headquartered at Ortigas Centre in Manila, Philippines. It has total 67 members, of which 48 are from within Asia and the Pacific and 19 outside