Related Topics: International Organisations, ADB- STRATEGY 2030
- ADB and the Government of India signed a $190 million loan to upgrade 754 kilometres of state highways and major district roads (MDRs) to two-lane or intermediate-lane standards in Rajasthan.
- The Tranche 1 loan of $220 million under the Programme, signed in July 2017, upgraded about 1,000 km of state roads.
Road Connectivity Project in Rajasthan
- The project will encourage participation of private sector through Hybrid Annuity Mode and Engineering Procurement Construction (EPC) contracts.
- The annuity-based PPP model attracts private sector financing to address capital investment requirements, where a proportion of initial capital expenditure is paid during construction while the balance is serviced by annuity payments during the operation and maintenance phase.
- The toll collection rights will remain with the state public works department to bring sustainability in operation and maintenance of the project.
- For the benefit of commuters and pedestrians, particularly women and children, the project provides for constructing more than 200 bus stops, 70 km of hard shoulder, and 2 km of raised sidewalk on project roads.
- It will ensure good governance during project implementation, particularly on procurement and safeguards.
ADB- STRATEGY 2030
- Strategy 2030 sets out the ADB’s broad vision and strategic response to the evolving needs of Asia and the Pacific.
- The vision is to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
- In contrast to earlier Strategy 2020- the Strategy 2030 document emphasis on human and social factors, in addition to the usual infrastructure and the private sector.
- Under the Strategy, ADB will combine finance, knowledge, and partnerships to sustain the efforts to eradicate extreme poverty and expand the vision towards a prosperous, inclusive, resilient, and sustainable region.
- Strategy 2030 recognizes that the ambitious global development agenda must be tailored to specific local circumstances.
- ADB will strengthen its country-focused approach, promote the use of innovative technologies, and deliver integrated interventions that combine expertise across a range of sectors and themes and through a mix of public and private sector operations.
- It will institute a “One ADB” approach, bringing together knowledge and expertise across the organization to effectively implement Strategy 2030.
- It is a regional development bank established on 19 December 1966 which is headquartered in Manila, Philippines.
- Its primary mission is to foster growth and cooperation among countries in the Asia-Pacific Region.
- It envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
- ADB in partnership with member governments, independent specialists and other financial institutions is focused on delivering projects in developing member countries that create economic and development impact.
- As a multilateral development finance institution, ADB assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- ADB is composed of 68 members, 49 of which are from the Asia and Pacific region.
- Although the majority of the Bank’s members are from the Asia-Pacific region, the industrialized nations are also well-represented.
- Top 5 shareholders in ADB are: Japan (15.6%), United States (15.6%), People’s Republic of China (6.4%), India (6.3%) and Australia (5.8%)
- ADB usually work in harmony with both the International Monetary Fund (IMF) and the World Bank in their activities.
- India was a founding member of ADB, but operations in the country began only in 1986, when India opted to become a borrowing member.