ADB clears $ 300 million loan for upgradation of UP Roads 400 km
Posted on:19 Apr 2016 12:55:07
19 April 2016 Current Affairs GK: The Asian Development Bank (ADB) has approved a project loan of $300 million (about Rs 2,000 crore) for upgradation of over 400 km of major district roads in Uttar Pradesh. The project supports the state government's core road network improvement master plan, under which the government plans to improve the roads through a combination of state, private and multilateral resources The loan, which is ADB's first road sector assistance in Uttar Pradesh, will be used to improve around 430 km of major district roads, upgrading them to standard design widths, suitable for use in all types of weather and with safety features, including widened and strengthened culverts and bridges.
Uttar Pradesh is the country's most populous state and has the largest rural population, along with widely dispersed industrial centres, making its total road network of around 3,00,000 km crucial for its economy and development. However, significant stretches have inadequate widths and poor surfacing, leading to higher economic costs and making them hazard-prone. Along with ADB's loan, the government of Uttar Pradesh will provide support of $128 million for the project.
Asian Development Bank : The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966 which is headquartered in Ortigas Center located in Mandaluyong, Metro Manila, Philippines, and maintains 31 field offices around the world.From 31 members at its establishment, ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. From 31 members at its establishment, ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside. The ADB was modeled closely on the World Bank.
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