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  »   Current Affairs   »   Asian Development Bank Approves $400 Million Loan

Asian Development Bank Approves $400 Million Loan for Urban Services in India

October 26, 2023

GS Paper III Indian Economy

Context:

  • The Asian Development Bank (ADB) approved a $400-million loan to India aimed at bolstering urban services in India under Subprogram 2 of the Sustainable Urban Development and Service Delivery Program. The loan  will help  with urban infrastructure projects under Atal Mission for Rejuvenation and Urban Transformation 2.0.

What is Sustainable Urban Development and Service Delivery Program?

Subprogram 1:

  • Aim: To improve access to basic urban services in India by accelerating a series of policy actions and reforms that will mainstream performance-linked funding for urban service delivery. 
    • The program reforms will establish and operationalize:
      • national and subnational policies, guidelines, and programs for accelerated achievement of urban reforms; 
      • policies and programs for providing rental housing to urban migrant and industrial workers, working women, and the poor; 
      • policies and guidelines for performance-based central fiscal transfers. 
  • Subprogram 2: deepens reforms initiated in subprogram 1, with continued focus in two areas: 
    • Public financial management (PFM);  
    • Access to finance for the underserved market segments, mainly cottage, micro, small, and medium-sized enterprises (MSMEs). 

News Source: Economic Times

                      

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