Points to Remember:
- The Asian Development Bank said it will provide a $451 million (about Rs 3,200 crore) loan to strengthen power connectivity between the southern and northern parts of the Chennai-Kanyakumari Industrial Corridor (CKIC) in Tamil Nadu.
- The total cost of the project is $653.5 million, of which the government will provide $202.5 million, the Manila- headquartered multilateral agency said in a release.
- The estimated completion date is the end of 2024.
- ADB has been assisting in developing CKIC, which covers 23 of the state’s 32 districts and 70 per cent of the state population.
- Motto: Fighting Poverty in Asia and the Pacific
- Formation: 19 December 1966
- Type: Multilateral Development Bank
- Purpose: Social and Economic Development
- Headquarters: Metro Manila, Philippines
- Membership: 68 countries
- President: Takehiko Nakao
Important Possible questions based on above News:
- Recently the Asian Development Bank has approved __loan for Chennai-Kanyakumari industrial corridor power links in Tamil Nadu. $451 million
- Who is the current President of Asian Development Bank? Takehiko Nakao