ADB to extend $20 billion Loan to India Over 5 Years

Multi-lateral funding agency Asian Development Bank (ADB) announced that it increase annual funding to India to up to $4 billion from existing $2.7 billion from next year to accelerate inclusive economic transformation.

So cumulatively, India, the largest recipient of ADB, will get about $20 billion over a period of 5 years. Under this strategy, ADB’s annual sovereign funding to India will increase from $2 billion to $3 billion while private sector funding will be doubled to $1 billion.

Static/Current Takeaway Points Important for RBI Assistant Mains 2017 Exam-
  • Founded on 19 December 1966 ADB has its Headquarter in Mandaluyong, Philippines.
  • President  of ADB is Takehiko Nakao.
Source-The Economic Times