ADB approves $130 million loan to promote horticulture in Himachal

Tags: State News

The Asian Development Bank (ADB) has approved a $130 million (over Rs 1,072 crore) loan to enhance agricultural productivity and farmers' income in Himachal Pradesh and promote horticulture agribusiness.

An overview of the news:

• ADB aims to benefit Himachal Pradesh, where more than half of its land area is mountainous and 90 percent of its population lives in rural areas dependent on agriculture.

• Through this, improving subtropical horticulture in the state will create a lot of economic opportunities for the farming families.

• Supporting horticulture value chains will also enhance the contribution of this sub-sector to the development and food security of the country.

Asian Development Bank (ADB):

• It is a regional multilateral financial institution focused on countries in the Asia and Pacific region.

• It currently has 68 members – of which 49 are from the Asia and Pacific region and 19 from outside.

• ADB President: Masatsugu Asakawa

• Headquarters: Mandaluyong City, Manila, Philippines