The government has signed second Loan Agreement with New Development Bank (NDB) for the financing of Rajasthan Water Sector Restructuring Project for the Desert Areas.
This is the first tranche loan of $100 million was approved by the NDB under Multi-Tranche Financing Facility of $345 million for this project. The objective of the project is to rehabilitate 678 km long Indira Gandhi Nahar Project (IGNP) built during 1958-63 to prevent seepage.
Static/Current Takeaways Important for Syndicate Bank PO 2018 Exam-
- During the sixth BRICS Summit in Fortaleza (2014), the leaders signed the Agreement for establishing the New Development Bank (NDB).
- NDB Headquarters in Shanghai, China.
Source- The Hindu