01 April 2017 Current Affairs: The Loan Agreement for New Development Bank (NDB) financing of US$ 350 Million for Development and Upgradation of Major District Roads Project in Madhya Pradesh was signed between Government of India and the New Development Bank (NDB).
This is the First Loan Agreement for NDB assisted project in India.
The Loan Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs (DEA) on behalf of the Government of India and Mr. Xian Zhu, Vice President & Chief Operating Officer on behalf of the New Development Bank.
The objective of the Project is upgradation of major district roads (Approx. 1,500 km) in Madhya Pradesh to improve connectivity of the interior areas of the state with the national and state highway networks.
The project implementation is 5 years. Government of Madhya Pradesh and the MPRDC are the implementing agencies.
About New Development Bank (NDB):- The New Development Bank, formerly referred to as the BRICS Development Bank, is a multilateral development bank established by the BRICS states.
Headquarters: Shanghai, China
President: K. V. Kamath
Founder: BRICS (Brazil, Russia, India, China, South Africa)
Founded: 15 July 2014