CURRENT AFFAIRS

Detailed explanation-1: -The Asian Development Bank (ADB) will provide a $2 million loan for designing climate resilient urban infrastructure, strengthening institutional capacity and improving municipal resource mobilisation in Nagaland.

Detailed explanation-2: -The Asian Development Bank (ADB) and the Government of India signed an agreement to provide a $2 million project readiness financing (PRF) loan to Nagaland for the design of climate-resilient urban infrastructure, strengthening institutional capacity, and improving municipal resource mobilisation.

Detailed explanation-3: -It also provides financing to certain private sector projects as well as public-private partnerships through grants, loans, technical assistance, and equity investments to promote development. The ADB is controlled by member countries, with the U.S. and Japan having the largest stake.

Detailed explanation-4: -The Asian Development Bank (ADB) is a regional development bank headquartered in Manila, Philippines. The bank was set up in 1966 under the leadership of Japan as one of the first industrialized states in Asia. The ADB finances development projects in its member states across Asia.

Detailed explanation-5: -The United States is a founding member of ADB. It has provided $23.19 billion in capital subscription to ADB.