The government of India has signed an agreement with the Asian Development Bank (ADB) for the latter to loan $200 million to upgrade 176 km of state roads in Jharkhand. The total cost of the project, due to be completed by December 2019, is $306.25 million. The Jharkhand state government will finance the remaining amount.

Did You Know?

• The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966 which is headquartered in Ortigas Center located in Mandaluyong, Metro Manila, Philippines, and maintains 31 field offices around the world, to promote social and economic development in Asia.
• From 31 members at its establishment, ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
• The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
• ADB releases an annual report that summarizes its operations, budget and other materials for review by the public.
• Japan holds the largest proportion of shares at 15.7%. The United States holds 15.6%, China holds 6.5%, India holds 6.4%, and Australia holds 5.8%.