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 04-Oct-2024

Asian Development Bank (ADB)

Miscellaneous

Why in the News?

ADB has approved a USD 162 million loan to support sustainable and inclusive tourism development projects in Himachal Pradesh on 3rd October 2024.

More on the News

  • This Project will enhance the State’s tourism potential by preserving cultural and heritage sites.
  • This Projects focuses on promoting cultural and heritage centers in districts of Mandi and Hamirpur.
  • This Project will also restore historic Naggar Castle in Kullu.
  • This Project will incorporate green solutions such as solar lighting and electric vehicles.

About Asian Development Bank

  • Established:19th December 1966.
  • Headquarters: Manila, Philippines.
  • Members
    • 31 members in 1996
    • 68 in 2024 out of which 49 are from Asia and Pacific and 19 members from outside.
  • India and ADB: India is founding member of ADB and is currently 4th largest shareholder.
  • Funding: It raises funding through the international bond market.

Logo of ADB