Current Affairs

India and ADB sign Loan Agreement of $60 million for Assam

Government of India and Asian Development Bank (ADB) have signed a loan agreement of $60 million for financing the project for renovation, protection and community-based
India and ADB sign Loan Agreement of $60 million for Assam
 flood risk management activities along the Brahmaputra river in Assam.
  • The objective of the program is to enhance the reliability and effectiveness of flood and river bank erosion risk management systems in Assam.
  • Duration of the loan is 20 years with the grace period of five years.
  • Interest rates are determined by ADB based on London Interbank Offered Rate (LIBOR) and commitment charge of 0.15% per year.

Details:

  • In 2010, ADB had approved the Tranch 2 Loan of $120 million for Assam Integrated Flood and River Bank Erosion Risk Management Investment Program.
  • The Project 2 of the program will help to fund the structural and non-structural measures in three sub Project areas - Palasbari Gumi, Kaziranga and Dibrugarh along the Brahmaputra river which covers 20 km of riverbank protection work and flood embankments upto 13 km.
  • The executing and implementing agencies for this project are Flood and River Erosion Management Agency of Assam and Assam State Disaster Management Authority. 
  • The project will create and strengthen disaster management system and knowledge base for flood forecasting.

About the Brahmaputra River:

  • The river originates from Mansarovar Lake in Himalayas in Tibet with the name Yarlung Tsangpo.
  • It is one of the major rivers of Asia flowing in China, India and Bangladesh.
  • The river has different names along its path. 
  • It is known as Yarlung Tsangpo in China, and Brahamputra in India.
  • When it enters Bangladesh, it is called Jamuna river before merging with Ganga and finally Meghna when it drains into Bay of Bengal.

About the Asian Development Bank:

  • It is a multilateral development bank established on 19th December 1966 with an objective to promote social and economic development in Asia.
  • It is headquartered at Manila, Philippines. 
  • The President of the bank is Takehiko Nakao.
  • Presently 67 countries are the member of ADB and Japan and United States are the largest shareholders of the bank.
  • Other shareholders include China, India and Australia.

Question:

Q: Government of India and Asian Development Bank (ADB) have signed a loan agreement of $60 million for financing the project for renovation, protection and community-based flood risk management activities along which river in Assam?
a. Ganga
b. Brahmaputra
c. Ravi
d. Sutluj
India and ADB sign Loan Agreement of $60 million for Assam India and ADB sign Loan Agreement of $60 million for Assam Reviewed by Inderjeet Virdi on December 17, 2018 Rating: 5

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