Loan Agreement between Government of India and the Asian Development Bank

Government of India and the Asian Development Bank (ADB) Sign $300 Million Loan to Promote Further Fiscal Reforms in West Bengal

Question: Recently, India signed a loan agreement with Asian Development Bank (ADB) for the financial reform of which state?
(a) Odisha
(b) West Bengal
(c) Jammu Kashmir
(d) Arunachal Pradesh
Answer: (b)
Related Facts:

  • On October 24th, 2017, the Asian Development Bank and the Government of India signed a $300 million loan.
  • This loan is to continue a series of fiscal reforms in the State of West Bengal to improve the quality of public service delivery.
  • The Program aims to further deepen the reforms with focus on expenditure rationalization, improvement in revenue administration, and facilitation of more private investment in the state.
  • Mr. Sameer Kumar Khare, Joint Secretary, Department of Economic Affairs, Ministry of Finance and Mr. Kenichi Yokoyama, ADB Country Director for India, signed the loan on behalf of the Government of India and ADB respectively.
  • The program agreement was signed by Mr. Parwez Ahmad Siddiqui, Secretary, Finance Department, Government of West Bengal.

Reference:
https://www.adb.org/news/300-million-loan-promote-further-fiscal-reforms-west-bengal
http://pib.nic.in/newsite/PrintRelease.aspx?relid=171899
http://pib.nic.in/newsite/PrintHindiRelease.aspx?relid=67821