The Asian Development Bank (ADB) and the Government of India signed here today in New Delhi a $200 million loan on 26.11.20L8 to finance widening and upgrading of about 230 Kilometers State Highways in Bihar to all-weather standards with road safety features.
The signatories to the loan agreement for the Bihar State Highways III Project (BSHP-III) were Mr. Sameer Kumar Khare, Additional Secretary (Fund Bank and ADB), Department of Economic Affairs in the Ministry of Finance, who signed on behalf of the Government of India, and Mr. Rajeev P. Singh, Officer-in-Charge of ADB’s India Resident Mission, who signed for ADB. The project agreement was signed by Mr. Vipin Kumar, Resident Commissioner, Govt. of Bihar and Mr. Chandra Shekhar, Chief General Manager, Bihar State Roads Development Corporation Limited.
Advantages of improved roads under the Project:
- It will contribute to savings in vehicle operating cost and travel time.
- It will reduce vehicle emissions, and
- It will improve road safety.
Asian Development Bank (ADB):
- The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
- It assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.
- Established on 19 December 1966
- Headquartered — Manila, Philippines
- Official United Nations Observer
It is modeled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
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