Updated By: LatestGKGS Desk
ADB gives $110 Million Loan to Madhya Pradesh under PMGSY for VIllage Roads
Pradhan Mantri Gram Sadak Yojana (PMGSY): Madhya Pradesh gets $110 Million Loan from Asian Development Bank (ADB)
India and Asian Development Bank (ADB) today signed a $ 110 million loan agreement for financing 2,800 km long rural roads in Madhya Pradesh under the Pradhan Mantri Gram Sadak Yojana (PMGSY) on 05 October 2018.
Second Rural Connectivity Investment Program on behalf of the Government of India, signed by Additional Secretary Sameer Kumar Khare and ADB on behalf of the Department of Economic Affairs of the Ministry of Finance signed by Kenichi Yokoyama, Country Director of ADB India Resident Mission.
The aim of this aggregate program is to improve rural connectivity by ensuring better delivery of about 12,000 km of rural roads in many states like Assam, Chhattisgarh, Madhya Pradesh, Odisha, and West Bengal, providing safe access to livelihood and for rural communities To create socio-economic opportunities.
The Asian Development Bank (ADB) is a regional development bank, established on December 19, 1966, to facilitate the economic development of Asian countries. This bank incorporates members of the UN Economic Commission for Asia and the Far East (now UNESCAP) and non-regional developed countries.
This bank was formed with 31 members, now ADB has 67 members - 48 of which are from Asia and Pacific and 19 members are outside. The format of ADB was largely built on the basis of the World Bank and similar to the World Bank, there is also a system of weighted vote system in which the distribution of votes is done on the basis of the members' capital contribution ratio.
