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ADB, India sign $10 million loan to support horticulture in Himachal Pradesh

  • IASbaba
  • January 2, 2021
  • 0
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ADB, India sign $10 million loan to support horticulture in Himachal Pradesh

Part of: GS Prelims and GS-II – International relations & GS-III – Agriculture

In news 

  • The Asian Development Bank (ADB) and the Indian Government signed a $10 million project readiness financing (PRF). 
  • Objective: To help finance piloting activities, and design and capacity building for an ensuing project that aims to expand horticulture production and farm household income in Himachal Pradesh.

Key takeaways 

  • PRF project will support advance actions to achieve high level of project readiness through detailed design activities, capacity building of state level agencies, and creating an enabling environment for subtropical horticulture development in the state.
  • It aims to ensure implementation readiness with prior testing of new production technologies and marketing systems so that the project is cost-effective and gets completed in a timely manner. 
  • The project will support development of subtropical horticulture, including cultivation of fruits and vegetables, in the state’s southern region which is currently lagging due to limited access to perennial water sources, crops losses due to wild animal encroachment and limited access to high value markets.
  • The PRF also supports establishment of water user association (WUAs) on completed irrigation schemes and enhancing women’s participation.

Important value additions 

Asian Development Bank (ADB) 

  • It is a regional development bank.
  • Established on: 19 December 1966,
  • Headquarter: Ortigas Center, Mandaluyong, Metro Manila, Philippines.
  • The bank promotes social and economic development in Asia.
  • It is modelled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.  
  • As of 31 December 2018, Japan and the United States each holds the largest proportion of shares at 15.571%. 
  • China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.

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