Current Context: The Asian Development Bank (ADB) pledged USD 10 billion to support India’s urban development programs and metro rail expansion, alongside aiding the Urban Challenge Fund to catalyze private investment.

ABOUT Asian Development Bank (ADB)

• Establishment & Mandate: Established in 1966 to foster inclusive, resilient, and sustainable growth in Asia and the Pacific.
• Headquarters: Located in Manila, Philippines.
• Membership :
  • Total Members: 69 (50 from Asia-Pacific; 19 from elsewhere).
  • Five Largest Shareholders:
    1. Japan – 15.6 %
    2. United States – 15.6 %
    3. China – 6.4 %
    4. India – 6.3 %
    5. Australia – 5.8 %
  • Key Functions:
    • Provides loans, grants, and technical assistance for projects in infrastructure, education, health, and environment.

Promotes public-private partnerships via facilities like the Urban Challenge Fund to unlock private capital for urban initiatives