Home > Current Affairs > State > ADB Approves $295 million Loan to Revamp State Highways in Bihar

ADB Approves $295 million Loan to Revamp State Highways in Bihar

Utkarsh Classes 29-07-2023
ADB Approves $295 million Loan to Revamp State Highways in Bihar Bihar 2 min read

The Asian Development Bank (ADB) and the Government of India signed an agreement of $295 million loan on 27th July 2023 to revamp around 265 kilometer State Highways in the state of Bihar, with climate and disaster resilient design, and road safety elements. 

The project supports the Government of Bihar’s programme to upgrade all state highways to standard two-lane widths and improve road safety. The improved roads will enhance connectivity in some of Bihar's poorest rural districts and promote access to health and education facilities, and markets to improve people’s lives.

Since 2008, ADB has provided five loans totaling $1.63 billion to the state of Bihar, for upgradation of about 1,696 kilometer state highways and construction of a new bridge over the Ganga River.

About ADB

  • The Asian Development Bank (ADB) was founded on December 19, 1966, as a multilateral financial institution, has worked in partnership with its developing member countries and development stakeholders to sustain its efforts in eradicating extreme poverty in Asia and the Pacific. ADB provides an average of more than $30 billion annual assistance to its developing member countries. 

  • As of 31 December 2022, ADB's five largest shareholders are Japan and the United States (each with 15.6% of total shares), China (6.4%), India (6.3%), and Australia (5.8%).

  • Initially ADB had 31 members which has grown to 68 members of which 49 from within Asia and the Pacific and 19 outside.

  • Headquarters: Mandaluyong City, Manila, Philippines.

  • President of ADB : Masatsugu Asakawa of Japan (A Japanese has always been the president of ADB since its inception).

Leave a Review

Utkarsh Classes
DOWNLOAD OUR APP

Download India's Best Educational App

With the trust and confidence that our students have placed in us, the Utkarsh Mobile App has become India’s Best Educational App on the Google Play Store. We are striving to maintain the legacy by updating unique features in the app for the facility of our aspirants.