India and ADB Signs PRF Loan

In News 

• The Government of India and the Asian Development Bank signed a $4.5 million project readiness financing (PRF) loan.

About 

• The PRF supports the development of long-term solutions to improve urban mobility in Aizawl by identifying high-priority urban transport investments for the ensuing project and enhancing its readiness by supporting due diligence and other preparatory activities.
• The PRF will develop a Comprehensive Mobility Plan (CMP) for Aizawl that outlines the urban transport development strategy and build synergies with urban development planning initiatives in the state, and promote climate and disaster resilience, and gender inclusiveness in its interventions.
• Significance
  • Aizawl is the centre of the administrative and service industry of Mizoram and Urban mobility in Aizawl is severely constrained because of rapid and unplanned urbanization. This led to traffic congestion on narrow road widths. 
  • Thus, this project is significant as it seeks to resolve the transport problems in the city by adopting sustainable urban mobility solutions.

Asian Development Bank (ADB)

•  It is a regional development bank established on 19th December 1966. The ADB was modelled closely on the World Bank.
• 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, the president has always been Japanese.
• ADB is an official United Nations Observer.
• Aim: To promote social and economic development in Asia.
  • It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.

Source: PIB