Published on Dec 14, 2024
Current Affairs
Current Affairs Update - ADB Approves $500M Loan for India's Sustainable Infrastructure.
- The Asian Development Bank (ADB) has approved a $500 million loan to the India Infrastructure Finance Company Limited (IIFCL) to boost India's economic growth through sustainable infrastructure.
- The loan will support projects in key sectors such as transportation, energy, urban development, education, and healthcare.
- A dedicated sustainability unit will be established within IIFCL to oversee the implementation of ecofriendly initiatives.
- A comprehensive framework for environmental practices will be developed, including a scoring system to assess the sustainability of projects.
- The funding aims to address climate change risks and promote resilience against climate impacts.
- There is a significant funding gap for climaterelated projects in India, estimated at $1 trillion, and ADB's support is essential to bridge this gap.