Tamil Nadu Urban Flagship Investment Program with Asian Development Bank

Why in News?

•  The Government of India and the ADB signed a $125 million loan to develop climate-resilient sewage collection and treatment, and drainage and water supply systems in three cities in the state of Tamil Nadu.
• The financing is the third and the last tranche of the $500 million multi-tranche financing facility (MFF) for the Program approved by ADB in 2018 to build priority water supply, sewerage, and drainage infrastructure in strategic industrial corridors across 10 cities in the state. The tranche 3 loan covers Coimbatore, Madurai, and Thoothukudi.
• This financing will help ensure universal access to basic water and sanitation services and improve resilience against floods in the project target areas which are also the industrial hubs of Tamil Nadu

What is Asian Development Bank ?

• It is a regional development bank established on 19th December 1966.
• It envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty in the region.
• Headquarters: Manila, Philippines.
• Members: 68 members, 49 from within Asia.
• Japan holds the largest proportion of shares in ADB followed by the USA, because Japan is one of the largest shareholders of the bank, and the president has always been Japanese.
• ADB is an official United Nations Observer.

Q1) Who owns the Asian Development Bank?

As of 31 December 2021, ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).

Source: India, ADB sign $125 million loan to improve Urban Services in Tamil Nadu

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