ADB to fund India`s metro projects

ADB to fund India metro rail project
Question: Which international bank has planned to fund the metro rail projects in India for the first time?
(a) International Monetary Fund (IMF)
(b) World Bank
(c) BRICS Bank
(d) Asian Development Bank
Answer: (d)
Related facts:
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  • The Asian Development Bank (ADB) is moving into financing metro rail projects in the country in a big way.
  • It has traditionally funded strongly in the social sector projects like education, water and irrigation in India.
  • This move was planned at the 52nd Annual Meeting of the ADB.
  • This is taking place in Fiji Islands. It will take place between 1 and 5 May 2019.

Projects:

  • The bank is currently involved with the 1 billion dollar Mumbai metro project. This is the largest funding extended to India by the ADB.
  • It is also talking to the respective state governments for funding the Bhopal Metro and Bengaluru Metro.
  • It also wished to extend the assistance to Chennai Metro Phase II and the new Indore metro.
  • ADB has financed the Jaipur Metro as well.
  • It is also working with the Centre to finance the newly-announced Delhi-Meerut Rapid Rail project cleared by the Cabinet in February.
  • ADB mentioned that it wished to be a bank for logistics referring to the Vizag-Chennai and the Chennai-Kanyakumari industrial corridors.
  •  The bank here is involved in financing the preparation of the master plan.
  • South state Tamil Nadu is emerging as a major ‘client’ of the bank. “
  • ADB will lend 500 million dollar each for energy projects, and urban projects, apart from the Chennai Metro Phase II.

Links:

https://www.adb.org/news/events/fiji-2019-52nd-annual-meeting-asian-development-bank

https://www.thehindu.com/business/Industry/adb-steps-up-metro-rail-funding/article27004950.ece