Question: Recently Government of India and the Asian Development Bank (ADB) signed a loan agreement to improve irrigation and water management infrastructure in Odisha.The amount of the loan is-
(a) $200 million
(b) $250 million
(c) $120 million
(d) $150 million
- On 7 June 2016, Government of India and the Asian Development Bank (ADB) signed a $120 million loan agreement here today to improve irrigation and water management infrastructure in Odisha.
- The loan is the second tranche of a $157.5 million financing facility under the Orissa Integrated Irrigated Agriculture and Water Management Investment Program.
- The financing will be used for modernizing seven irrigation subprojects resulting in improved irrigation in over 100,000 hectares, and strengthening of Water User Associations (WUAs) and the institutional capacity of Odisha’s Department of Water Resources.
- The selected areas for the investment program are the Baitarani, Brahmani, Budhabalanga, and Subernarekha river basins and part of the Mahanadi delta.
- The second tranche loan from ADB’s ordinary capital resources has a 20-year term.
- The State of Odisha, acting through its Department of Water Resources is responsible for implementing the tranche 2 activities and overall program, which are both due for completion by September 2018.
- ADB(Asian Development bank) is a regional development bank established on December 19, 1966 to facilitate economic development of Asian countries.
- The Headquarter of ADB is in Manila, Philippines.