17 April 2019 Current Affairs:
Asian Development Bank (ADB) committed a total of USD 3.88 billion, including sovereign loans and co-financing to India during the year ended December 2018.
This is the highest level of assistance since sovereign operations began in the country in 1986.
Private sector operations reached USD 3.14 billion, a 37 per cent increase from 2017, which is 14.5 per cent of ADB's overall commitment.
Projects Committed by ADB in India:
ADB committed several projects in India, including in Bihar, Himachal Pradesh, Madhya Pradesh, Karnataka, Tamil Nadu, Assam and Odisha.
In India, ADB provided a USD 100-million loan to Ostro Kutch Wind, a renewable energy company owned by investment funds under the management of Actis Capital, for constructing and operating a 250-megawatt wind power project in Gujarat.
Among others, ADB also provided USD 30 million in equity and USD 20 million in debt security to Annapurna Finance, a microfinance company.
In March 2018, ADB signed a cooperation arrangement with the International Solar Alliance, headquartered in India, to promote solar energy deployment across Asia and the Pacific, particularly in South Asia.
Major objectives of the ‘International Solar Alliance’ include global deployment of over 1,000 gigawatt of solar generation capacity and investment of over USD 1 trillion into solar energy by 2030.
ADB - Asian Development Bank
Established on: 19 December 1966
Purpose: Economic development
Headquarters: Mandaluyong, Philippines
President: Takehiko Nakao
Membership: 68 countries