Multilateral funding agency Asian Development Bank (ADB) has announced that it has signed an agreement to provide USD 750 million equivalent in Indian rupee long-term financing to electrify railway tracks in India. It is the largest single non-sovereign loan ever committed by ADB to Indian Railway Finance Corporation (IRFC) to fund the railways track electrification project.
Source- The Economic Times
Static/Current Takeaways Important for LIC AAO Exam:
- Takehiko Nakao is the President of the Asian Development Bank.
- Headquarters: Mandaluyong, Metro Manila, Philippines.