The Asian Development Bank (ADB) has approved USD 503-million lining project of the Son canal in Shahabad-Bhojpur region of Bihar which would benefit the agriculture sector immensely in the region, the power ministry.
Power and New & Renewable Energy R K Singh today held a meeting with the officials from the ADB and the finance ministry to review the progress of lining project of the Son canal, the ministry said in a release.
Singh also instructed that process of the design study, consultation with stakeholders, feasibility report, preparation of tenders etc. should be expedited and the tender for the first phase of the lining of the main canal and branches should be issued by the first week of October.
The officials present at the meeting assured Singh that after completion of all due processes, bids for the first phase will be issued by the said date.
The estimated cost of this project is USD 503 million (Rs 3272.49 crore) out of which USD 352 million is being provided by ADB. This project will bring immense benefits to the agriculture sector of Shahabad – Bhojpur region of Bihar, the ministry said. PTI KKS MR
It is a regional development bank established on 22 August 1966 and is headquartered in the Philippines. It aims to facilitate economic development of countries in Asia. It also aims for an Asia and Pacific free from poverty.
Membership: The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.
Currently, it has 67 members – of which 48 are from within Asia and the Pacific and 19 outside.
ADB was modeled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion with member’s capital subscriptions.
ADB raises funds through bond issues on the world’s capital markets.
ADB also rely on its members’ contributions, retained earnings from its lending operations, and the repayment of loans.
Japan holds the largest proportions of shares at 15.67%. The United States holds 15.56%, China holds 6.47%, India holds 6.36%, and Australia holds 5.81%.