Asian Development Bank Approves Funding Developmental Projects in Tehri

• 14 Mar 2024

Why in News?

Recently, Asian Development Bank (ADB) has approved a funding of Rs 1,294 crore for various development projects in Tehri district.

Key Points

• The projects will be funded in a ratio of 80:20 with ADB bearing 80% of the expenditure and the Uttarakhand government bearing 20% of the expenses.
• In order to promote a sustainable, inclusive and climate resilient tourism development of designated areas in Tehri, the state government decided to develop the Tehri dam reservoir and surrounding areas as a special tourist area.
  • After which the Tehri Special Area Development Authority (TADA) was established under the Tehri Special Area Development Act, 2013.
  • This was followed by a series of consultations with the Department of Economic Affairs, Government of India and proposals to ADB, which has now fructified with a project management unit to oversee the implementation of the entire project.
• Seven projects have been identified to be accomplished on priority basis which include
  • A 15.7 kilometre tourism road from Koti Colony to Dobra Chanthi bridge which will have dedicated cycling track, view points and dedicated hawker area,
  • A 450 metre glass bottom pedestrian suspension bridge from Koti Colony to Tiwar village,
  • A cultural haat and Uttarakhand architecture theme park at Dobra-Chanthi,
  • Upgradation of village infrastructure at Tiwar village and new ropeway project at Tipri-Madan Negi.
• The project is aimed at development of tourism infrastructure with focus also on enhancement of green cover, livelihood generation, solid and liquid waste management and minimal disruption to the natural and socio-cultural environment.
• A total of 56 positions have been sanctioned for the project including engineers, architects, environment experts, gender experts and community experts who will ensure that the developmental activities are in line with internationally accepted environmental and socio-cultural standards.
• The overall project will also include smart infrastructure improvement with interventions like weather monitoring system, environmental data collection and establishment of an integrated command control centre.

Asian Development Bank (ADB)

• ADB, established in 1966 is owned by 68 members-49 from the region.
•  It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
• Further, it assists members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• It aims to promote social and economic development in Asia and the Pacific.
• As of 31^st December, 2019, ADB’s 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 is headquartered in Manila, Philippines.