India and ADB Sign PRF Loan For Urban Mobility In Mizoram
Source : PIB
GS II : Important International institutions, agencies and fora- their structure, mandate
What is discussed under India and ADB Sign PRF Loan For Urban Mobility In Mizoram ?
- Key Facts
- How it helps ?
- Asian Development Bank
Why in News ?
The Government of India and the Asian Development Bank signed a $4.5 million project readiness financing (PRF) loan to support project preparation and design activities to improve urban mobility in Aizawl, the capital city of the northeastern state of Mizoram.
Key Facts
- The PRF supports the development of long-term solutions to improve urban mobility in Aizawl by identifying high-priority urban transport investments for the ensuing project and enhance its readiness by supporting due diligence and other preparatory activities.
- The PRF will develop a Comprehensive Mobility Plan (CMP) for Aizawl that outlines the urban transport development strategy and build synergies with urban development planning initiatives in the state, and promote climate and disaster resilience, and gender inclusiveness in its interventions.
- Need for Project
- Urban mobility in Aizawl, the center of Mizoram’s administrative and service industry is severely constrained due to rapid and unplanned urbanization.
Source : PIB - This results in traffic congestion on narrow road widths, and adversely impacts road safety, efficiency in movement of people and goods, and environmental sustainability.
- Urban mobility in Aizawl, the center of Mizoram’s administrative and service industry is severely constrained due to rapid and unplanned urbanization.
- The ensuing project, being developed through the PRF, seeks to resolve the city’s transport problems by adopting sustainable urban mobility solutions.
- The PRF will conduct feasibility studies for prioritized projects identified in the CMP, and prepare detailed project reports and detailed design for the ensuing project.
- It will help develop institutional capacity of the state’s Urban Development and Poverty Alleviation Department in pre-implementation and project preparation activities.
- ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Asian Development Bank
- Established in 1966, it is owned by 68 members—49 from the region.
- It is headquartered at Manila, Philippines.
- ADB raises funds through bond issues on the world’s capital markets.
- ADB also rely on its members’ contributions, retained earnings from its lending operations, and the repayment of loans.
- India and ADB
- India is a founding member and the fourth largest shareholder.
- ADB finances projects such as East coast economic corridor, solar rooftop investment program,Mechi river bridge project in Indo-Nepal border, TAPI gas pipeline, South Asia Sub-regional Economic Cooperation (SASEC) Program, supporting fiscal reforms in West Bengal State.
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