Tag: Asian Development Bank

ADB: India’s economy to shrink by 9 percent in 2020

September 15, 2020

• The Asian Development Bank (ADB) announced that India’s economy is expected to contract by 9% in 2020-worse than the 4% contraction which the bank had forecasted three months ago.

ADB appointed Takeo Konishi as Country Director for India

September 14, 2020

• On September 14, 2020 the Asian Development Bank (ADB) appointed Takeo Konishi as a Country Director of India. Takeo Konishi has succeeded Kenichi Yokoyama.

ADB approved a loan of 500 million US dollar loan for the Delhi-Meerut Regional Rapid Transit System Corridor

September 9, 2020

• Asian Development Bank(ADB) approved a loan of 500 million US dollars for the Delhi-Meerut Regional Rapid Transit System Corridor.

Rajiv Kumar, former Finance Secretary Appointed as New Election Commissioner

August 24, 2020

• Former Finance Secretary Rajiv Kumar was appointed as the Election Commissioner with effect from August 31, 2020. He succeeds Ashok Lavasa who resigned the position to join as Vice-President of Asian Development Bank.

ADB-funded a project worth Rs 700 crore approved by the government to help farmers in Maharashtra

August 4, 2020

• Maharashtra has approved an ADB-funded Rs 1,000 crore project for boosting fruit and vegetable production in the state. The Maharashtra Agribusiness Network (MagNet) project, which has been approved, aims to help farmers across all districts in the state for the next six years.

ADB Renews Pact with IEA to collaborate on Energy Sector

July 12, 2020

• ADB has renewed the Memorandum of Understanding (MoU) with the International Energy Agency (IEA) to further scale up collaboration and advance progress on sustainability on energy sector resilience in the Asia and the Pacific region.
• The three-year agreement, upto 2023, will enable the two organisations to share knowledge and best practice in energy sector data and analysis, on-the-ground engagement, capacity building, technology and innovation among other areas.

ADB becomes the observer of Network for Greening the Financial System

July 5, 2020

• The Asian Development Bank (ADB) has paired-up with the central banks and supervisors Network for Greening the Financial System (NGFS) as an observer particularly for fighting climate change, making climate and disaster resilience, and improving environmental sustainability.

India’s GDP to shrink by 4% (means -4%) fiscal 2020-21: ADB

June 18, 2020

• India’s economy will shrink by 4% in the financial year 2020 as against an increment of 4% projected in its April outlook, the Asian Development Banks stated in its supplement report on 18th June while also cutting the growth forecast for India for 2021 to 5% compared to 6.2% projected in April.

Maharashtra gets a loan of $346 million for power sector from ADB

April 30, 2020

• Maharashtra government has signed a loan pact with Asian development Bank (ADB) of $346 million. This amount will be used for improving the power sector of the rural areas of the state.

ADB to provide a loan of $1 Billion to India for COVID-19

April 29, 2020

• Asian development Bank(ADB) has signed a loan agreement with Government of India (GoI) of $1 Billion that will be utilized to fight against the COVID-19 pandemic. Govt. will focus on providing food security, medical kits and other essential equipments like ventilators, PPE kits etc.