Source: DTE
Context: The Asian Development Bank (ADB) has withdrawn a $434.25 million loan for Assam’s 1000 MW Solar Power Park following protests over tribal land acquisition in Karbi Anglong.
- The Union Finance Ministry, at the request of the Assam government, asked ADB to cancel the loan to avert further conflict and displacement of indigenous communities.
About Asian Development Bank (ADB):
- What is ADB?
- A regional multilateral development bank that promotes inclusive and sustainable economic growth in Asia and the Pacific.
- Established to eradicate poverty and promote regional cooperation and integration.
- Headquarters: Metro Manila, Philippines
- Established: 19 December 1966
- Membership:
- 69 member countries (as of 2024), including 50 from Asia-Pacific.
- Founding inspired by the UNESCAP (United Nations Economic and Social Commission for Asia and the Pacific).
- Voting and Shares:
- Shares are weighted by capital subscription.
- Major shareholders (as of 2020):
- Japan & USA:571% each
- China:429%
- India:317%
- Australia:773%
- Core Functions:
- Infrastructure development: Funds roads, transport, energy, and urban infrastructure to boost connectivity and growth.
- Climate resilience and clean energy: Supports projects promoting renewable energy, low-carbon tech, and disaster risk reduction.
- Poverty alleviation and rural development: Finances social welfare, agriculture, and rural employment to reduce poverty.
- Regional integration and cross-border projects: Encourages cooperation through trade corridors, power grids, and joint infrastructure.
- ADB-Japan Scholarship Program (ADB-JSP): Provides postgraduate scholarships to students from developing member countries.
- Observer at the United Nations: Participates in global policymaking forums to align development with UN goals.
