$200 million loan agreement between India and ADB

Why in the news?

• Recently a $200 million loan agreement was signed between India and the Asian Development Bank (ADB).
• This agreement has been signed to develop urban services in the state of Uttarakhand.
• Under this, transportation, urban mobility, drainage, flood management and overall public services will be enhanced in Haldwani, the economic center of the state of Uttarakhand.
• Apart from this, it will improve water supply distribution in four cities -
  • Champawat, Kichha, Kotdwar and Vikasnagar by developing efficient and climate-resistant water supply systems.

Asian Development Bank (ADB):

• It is a multilateral development financing institution.
• Establishment - 19 December, 1966
• Headquarters- Manila (Philippines)
• Total members-  68
• Objective - To promote social and economic development in Asia
• India is a founding member and the fourth largest shareholder of ADB.