India and ADB Sign $100 Million Loan Pact on Cauvery Basin Development [ Current Affairs ]
India and Asian Development Bank (ADB) signed a 100 million dollars loan agreement for irrigation, drainage system and water management project in Vennar sub-basin of Cauvery delta in Tamil Nadu.
- In Vennar system project is to improve water management and strengthen embankments of 6 major irrigation water channels.
- Cauvery river basin is a critical source of water for agriculture in Tamil Nadu and neighbouring states.
- Majority of the channel’s population is involved in farming and fishing.
- The left irrigation system was unable to meet user demand and increasingly defenseless to floods and droughts because of lack of investment.
- The project objective is to improve existing infrastructure and will provide flood protection and renewed entry to irrigation.
- Loan will support Tamil Nadu’s water resources to manage resources better and greater involvement of the stakeholders they service.
- Local communities will be involved in planning and delivery of water services, flood forecasting and warning systems.
- Flood forecasting and warning systems will be also installed.
- Flood risks map will tired to help communities respond more effectively to exciting events.
- Loan provided from ADB’s ordinary capital resources and loan has a 25-year term.
- Project is expected to be completed by December 2020.
About Asian Development Bank (ADB)
- Asian Development Bank (ADB) is a regional development bank established on 19 December 1966.
- It’s headquartered in Ortigas Center located in Mandaluyong, Metro Manila, Philippines.
- It is multilateral lending agency based in Manila, Philippines.
It is committed to reduce poverty in Asia and the Pacific region through:
- Environmentally sustainable growth
- Regional integration
- Inclusive economic growth
- Bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP).
- ADB owned by 67 members – 48 from the region including India and 19 from outside.
Purpose of ADB:
- Purpose of ADB is to Social and economic development.
- Published on: July 18, 2016