The Government of India and Asian Development Bank (ADB) signed a $84 million loan for improvement and expansion of water supply in Bhagalpur and Gaya towns in Bihar. The tranche 2 loan is part of the $200 million multi-tranche financing facility (MFF) for the Bihar Urban Development Investment Program that was approved by ADB in 2012.
The loan will have a 25-year term, including a grace period of 5 years, an annual interest rate determined in accordance with ADB’s lending facility based on the London interbank offered rate (LIBOR), and a commitment charge of 0.15% per year.
Source- Press Information Bureau (PIB)
Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-
- Founded on 19 December 1966 ADB has its Headquarter in Manila, Philippines.
- President of ADB is Takehiko Nakao.