Recently, the Indian government and the Asian Development Bank (ADB) signed a USD 4.5 million Project Readiness Financing (PRF) loan to support urban mobility in Mizoram.
Context
Recently, the Indian government and the Asian Development Bank (ADB) signed a USD 4.5 million Project Readiness Financing (PRF) loan to support urban mobility in Mizoram.
Key-Points
- The migration of people from the cities of Aizawl, the center of the Mizoram administration and services industry, has been severely delayed due to rapid and unplanned urban migration.
- This causes traffic congestion and has a detrimental effect on road safety, poor mobility, and environmental sustainability.
- The ensuing project, being developed through project readiness financing, seeks to resolve the city’s transport problems by adopting sustainable urban mobility solutions.
- It will help to develop capacity in the facilities of the Department of Urban Development and Poverty Alleviation prior to implementation and project preparation activities.
- The PRF will develop Aizawl's Comprehensive Mobility Plan (CMP) which outlines an urban transport development strategy and builds partnerships with urban development planning plans in the state, and promotes climate resilience and disaster risk, as well as gender inclusion in its interventions.
- The CMP will facilitate the efficient use of funds for inappropriate programs, and improve urban economic competitiveness by improving the order and access to services, basic services, education, etc.
Asian Development Bank
- It is a regional development bank established on 19th December 1966.
- It is headquartered in Manila, Philippines.
- It now has 68 members, 49 from within Asia.
- India is one of the members.
- Its five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
- It aims to promote social and economic development in Asia and the Pacific.
- Asian Development Outlook (ADO) is a series of annual economic reports on the Developing Member Countries (DMCs) of the Asian Development Bank (ADB).
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