CURRENT AFFAIRS

Detailed explanation-1: -ADB approves USD 346 million loan for enabling reliable power connection in rural areas of Maharashtra.

Detailed explanation-2: -Multilateral funding agency Asian Development Bank (ADB) on Friday approved a USD 350 million (about Rs 2, 900 crore) loan to improve the road connectivity of key economic areas in Maharashtra.

Detailed explanation-3: -ADB offers hard currency loans, both senior and subordinated, as well as mezzanine financing. We also offer local currency loans in selective markets on a case to case basis. Interest rates and other terms vary, depending on a company’s or project’s needs and risks.

Detailed explanation-4: -Asian Development Fund ADF provides grants to ADB’s lower-income developing member countries. Activities supported by the ADF promote poverty reduction and improvements in the quality of life in the poorer countries of the Asia and Pacific region.

Detailed explanation-5: -Middle-income countries borrow from ADB at near-market terms, while lower-income countries access loans at reduced rates. A number of DMCs can access the ADF for grants to improve the quality of life of the poor and vulnerable.