ADB
- INTERNATIONAL
News:
L&T Finance signs
financing pact with ADB for $125 million
What's
in the news?
●
L&T Finance, a Non-Banking Financial
Company (NBFC), said it has signed a financing agreement with Asian Development
Bank (ADB) for $125 million to support financing in rural and peri-urban areas
in India, particularly for women borrowers.
Asian
Development Bank:
●
The Asian Development Bank (ADB) was
founded in 1966 and is headquartered in Manila
(Philippines).
Members:
●
It has 67 members from Asia and the Pacific.
●
Japan
owns 15.677% of ADB, followed by the United States (15.567%), China (6.473%),
and India (6.473%).
Aims
of Asian Development Bank:
●
The Asian Development Bank (ADB) describes
itself as a social development agency
dedicated to poverty reduction in Asia and the Pacific through inclusive
economic growth, ecologically sustainable growth, and regional integration.
●
This is accomplished with an investment of 80% in the public sector.
●
This is accomplished through investments
in infrastructure, health care services, finance, and public administration
systems, as well as other sectors, such as assisting nations in preparing for
the effects of climate change or better managing their natural resources.
ADB’s
Strategy 2030:
●
The Asian Development Bank's (ADB)
Strategy 2030 charts a course for the bank to respond effectively to the
region's evolving demands.
●
The Asian Development Bank (ADB) will
continue to work to eradicate extreme
poverty and develop its vision for a prosperous, inclusive, resilient, and
sustainable Asia and the Pacific under Strategy 2030.
Significance:
●
The Asian Development Bank invests in
infrastructure, health and public administration, assisting countries in
mitigating the effects of climate change and managing natural resources.
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The Asian Development Bank (ADB) publishes
an annual report that details its operations, budget, and other documents for
public consumption.