NDB Current Affairs - 2019
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The International Solar Alliance (ISA) and African Development Bank (AfDb), Asian Infrastructure Investment Bank (AIIB), Asian Development Bank (ADB), Green climate fund (GCF), and New Development Bank (NDB) signed Joint financial partnership Declarations. The International Energy Agency (IEA) also signed Joint partnership Declaration with ISA. The objective of these agreements is to deepen their cooperation in support of renewable energy. ISA had earlier signed three partnerships with World Bank, European Investment Bank (EIB) and European Bank for Reconstruction and Development (EBRD).
International Solar Alliance (ISA)
The ISA was one of key takeaways at Paris Climate summit, 2015 (2015 UN Climate Change Conference, COP 21 or CMP 11). It is aimed at tapping solar energy in the countries that lie partially or fully between Tropics of Cancer and Capricorn. ISA is first treaty-based intergovernmental organisation (entered into force in December 2017) to be headquartered at Gurugram, India.
Its major objectives include global deployment of over 1,000GW of solar generation capacity and mobilisation of investment of over US $1000 billion into solar energy by 2030. It also aims to bring together countries with rich solar potential to aggregate global demand, thereby reducing prices through bulk purchase, facilitating deployment of existing solar technologies at scale and promoting collaborative solar R&D and capacity building.
Government has signed second Loan Agreement with New Development Bank (NDB) for financing of Rajasthan Water Sector Restructuring Project for the Desert Areas. This is the first tranche loan of $100 million was approved by the NDB under Multi Tranche Financing Facility of $345 million for this project.
Rajasthan Water Sector Restructuring Project
The objective of the project is to rehabilitate 678 km long Indira Gandhi Nahar Project (IGNP) built during 1958-63 to prevent seepage, conserve water, and enhance water use efficiency as mandated by both national and state level policies on water use. The project will enable arresting the seepage by rehabilitating the deteriorating canal lining of IGNP system which needs urgent attention. Its implementation period is of 6 years.
The project is aimed at arresting seepage by refurbishing canal, modernisation of irrigation management practices by involving water users’ associations, strengthening of drinking water supply and irrigation facilities and rehabilitation of waterlogged areas.
New Development Bank
NDB is multilateral development bank promoted by BRICS nations viz. Brazil, Russia, India, China and South Africa. It is outcome of 6th BRICS Summit being held in Fortaleza, Brazil. It is headquartered in Shanghai, China. It will have a regional office in Johannesburg, South Africa.
NDB began its operations in July 2015 with an initial capital of 100 billion dollars. The goal of the bank is to fund infrastructure projects in emerging economies for sustainable development. In the NDB, each participant country has been assigned one vote, and none of the countries have veto power.