On November 23, 2023, the Asian Development Bank (ADB) approved a loan package of USD500 million for Maharashtra Tertiary Care and Medical Education Sector Development Program which envisages to improve access to quality and affordable tertiary health care and medical education in Maharashtra.
Utilization of funds:
The funding by ADB will be utilized towards the following priorities of the Program:
- Addressing remaining poverty and reducing inequalities
- Accelerating progress in gender equality
- Tackling climate change, building climate and disaster resilience, and enhancing environmental sustainability
- Strengthening governance and institutional capacity
About Program
i.The program aims to develop tertiary care and medical education infrastructure using the sector development program (SDP) modality. It will also focus on quality improvement of this sector.
ii.A support will be provided to the existing and new medical colleges and tertiary care hospitals to attract and retain well-trained medical professionals.
iii.Four new medical colleges with climate- and disaster-resilient features will be established in under-served districts, each attached to a tertiary care teaching hospital, expanding bed capacity and hiring 500 doctors.
iv.With a support from ADB, a Gender Unit under the Medical Education and Drugs Department will be set up.
Note: ADB is working with Government of Maharashtra to achieve its vision of providing affordable and accessible tertiary health care to all by 2030 and strengthen a cadre of quality and professional medical practitioners.
L&T Finance signs financing pact with ADB for USD 125 million
Mumbai, Maharashtra based L&T Finance Limited(LFT), a Non-Banking Financial Company (NBFC) and a subsidiary of Larsen & Toubro Limited (L&T),signed a USD125 million financing pact with ADB to support financing in rural and peri-urban areas of India, especially for women borrowers.
- The funding comprises a loan of up to USD 125 million from ADB and an agreement to syndicate an additional USD 125 million in co-financing from other development partners.
- 40% is designated for women borrowers and the remainder supporting farmers, MSMEs (Micro, Small, and Medium Enterprises), and two-wheeled vehicle purchases.
Recent Related News:
i.ADB has approved USD 400 million policy-based loan to India to enhance the infrastructure quality and provide assured public services and efficient governance systems. The loan will be under Sub-programme 2 of ADB’s Sustainable Urban Development and Service Delivery Programme.
ii.ADB has approved a USD 175 million loan for ‘India : Enhancing Connectivity and Resilience of the Madhya Pradesh Road Network Project’.
About Asian Development Bank (ADB):
President – Masatsugu Asakawa
Headquarters– Mandaluyong City, Manila, Philippines
Establishment-1966
Members – 68
