Jaitley appointed India's Governor in ADB Board
Updated: Jun 02, 2014 02:01:26pm
New Delhi, Jun 2 (KNN) The Union Finance Minister, Arun Jaitley has been appointed as India’s Governor on the Board of Governors of the Asian Development Bank (ADB).
The appointment will be with effect from May 27, 2014 in place of Former Finance Minister P Chidambaram.
Meanwhile, the Asian Development Bank (ADB) and the Government of India have signed a USD176 million loan that will fund the extension of Jaipur’s first metro train line. Extending the line will reduce both congestion and pollution in the fast-growing Indian heritage city.
Commenting on the project, “Efficient and modern public transport is key to making cities more livable by making it easier for people to get to their workplace and home again. It also means fewer cars on the roads which also lead to cleaner air,” said Country Director of ADB’s India Resident Mission, M Teresa Kho, who signed the loan agreement, on behalf of ADB.
Joint Secretary (Multilateral Institutions), Department of Economic Affairs at the Ministry of Finance, Nilaya Mitash signed the agreement for the Government of India. The project agreements were also signed by Principal Secretary, Urban Development and Housing, Government of Rajasthan, D B Gupta, and Chairman and Managing Director, Jaipur Metro Rail Corporation Ltd, Nihal Chand Goel.
On the expected outcome, “The metro rail network is expected to provide mass rapid transit capacity for the city’s major mobility corridors, and achieve a vision of an improved public transport system in Jaipur – optimizing general mobility, enhancing quality of life, and making the city more pleasant to live and work in,” said Mitash.
In July, a new 9.7-kilometer-long, elevated Line 1 metro train line from Mansarovar, in the western part of the city, to Chandpole, on the western edge of the central business district will open. ADB’s loan will help finance an additional 2.3-kilometer underground stretch from Chandpole to Badi Chopar a little further east, along with two stations, that should be ready to provide access to the central business district by March 2018.
By providing connections to the entire central business district, ADB’s extension is expected to carry 126,000 passengers every day during its first year of operation, and generate around 61 per cent of all the trips on Line 1. The stations along the full Line 1 will connect with existing and planned bus routes to help people get to other parts of the city much faster.
ADB’s loan will also help finance studies into a planned 23-kilometer-long, north-south Line 2 metro line. The study will start later this year and be completed towards the end of 2015.
Since its founding in 1966, Manila based ADB aims at improving people’s lives in Asia and the Pacific. The main devices for assistance are loans, grants, policy dialogue, technical assistance and equity investments.
The institution today has 67 members. Of them, India is among the 31 founder members. (KNN/SD)
The appointment will be with effect from May 27, 2014 in place of Former Finance Minister P Chidambaram.
Meanwhile, the Asian Development Bank (ADB) and the Government of India have signed a USD176 million loan that will fund the extension of Jaipur’s first metro train line. Extending the line will reduce both congestion and pollution in the fast-growing Indian heritage city.
Commenting on the project, “Efficient and modern public transport is key to making cities more livable by making it easier for people to get to their workplace and home again. It also means fewer cars on the roads which also lead to cleaner air,” said Country Director of ADB’s India Resident Mission, M Teresa Kho, who signed the loan agreement, on behalf of ADB.
Joint Secretary (Multilateral Institutions), Department of Economic Affairs at the Ministry of Finance, Nilaya Mitash signed the agreement for the Government of India. The project agreements were also signed by Principal Secretary, Urban Development and Housing, Government of Rajasthan, D B Gupta, and Chairman and Managing Director, Jaipur Metro Rail Corporation Ltd, Nihal Chand Goel.
On the expected outcome, “The metro rail network is expected to provide mass rapid transit capacity for the city’s major mobility corridors, and achieve a vision of an improved public transport system in Jaipur – optimizing general mobility, enhancing quality of life, and making the city more pleasant to live and work in,” said Mitash.
In July, a new 9.7-kilometer-long, elevated Line 1 metro train line from Mansarovar, in the western part of the city, to Chandpole, on the western edge of the central business district will open. ADB’s loan will help finance an additional 2.3-kilometer underground stretch from Chandpole to Badi Chopar a little further east, along with two stations, that should be ready to provide access to the central business district by March 2018.
By providing connections to the entire central business district, ADB’s extension is expected to carry 126,000 passengers every day during its first year of operation, and generate around 61 per cent of all the trips on Line 1. The stations along the full Line 1 will connect with existing and planned bus routes to help people get to other parts of the city much faster.
ADB’s loan will also help finance studies into a planned 23-kilometer-long, north-south Line 2 metro line. The study will start later this year and be completed towards the end of 2015.
Since its founding in 1966, Manila based ADB aims at improving people’s lives in Asia and the Pacific. The main devices for assistance are loans, grants, policy dialogue, technical assistance and equity investments.
The institution today has 67 members. Of them, India is among the 31 founder members. (KNN/SD)
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