Asian Development Bank (ADB)
Why in News: The Asian Development Bank (ADB) has recently maintained its forecast for India’s GDP growth at 7% for the current financial year.
About Asian Development Bank (ADB):
- Establishment: Established on December 19, 1966, as a multilateral development bank.
- Role: It serves as the primary international development finance institution for the Asia-Pacific region, aiming for a prosperous, inclusive, resilient, and sustainable Asia-Pacific while working to eradicate extreme poverty.
Functions:
- Financial Assistance: Provides grants, loans, technical assistance, and equity investments to its developing member countries, private sector entities, and public-private partnerships to foster social and economic development.
- Development Impact: Enhances the impact of its assistance by facilitating policy dialogues, offering advisory services, and mobilizing financial resources through cofinancing operations involving official, commercial, and export credit sources.
- Headquarters: Located in Manila, Philippines.
Membership:
- Open Membership: Membership is open to members and associate members of the United Nations Economic Commission for Asia and the Far East, as well as other regional and non-regional developed countries that are members of the UN or its specialized agencies.
- Growth: Started with 31 members in 1966 and now includes 68 members, with 49 from within Asia-Pacific and 19 from outside the region.
Governance:
- Board of Governors: Oversees the ADB’s operations and represents member countries.
- Voting System: Operates with a weighted voting system similar to the World Bank, where votes are based on members’ capital subscriptions.
- Major Shareholders: As of 2022, Japan and the United States each hold 6% of total shares, followed by the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
Funding:
- Capital: Raises funds through international bond markets regularly.
- Revenue Sources: Relies on member contributions, retained earnings from lending activities, and loan repayments to finance its operations.
INS Teg
Why in News: The Indian naval vessel INS Teg successfully rescued nine sailors from the Comoros-flagged oil tanker MT Falcon Prestige, which capsized recently off the coast of Oman. The rescued individuals included eight Indians and one Sri Lankan.
About INS Teg:
- Origin and Construction: INS Teg (F45) is the first of three guided missile frigates of the modified INS Talwar-class, built by the Russian shipyard Yantar under Project-17 A. The other two frigates are INS Tarkash and INS Trikand.
- Commissioning: Commissioned into the Indian Navy on April 27, 2012.
- Class and Design: The Talwar-class guided missile frigates are based on the Krivak III-class frigates from Russia. They incorporate stealth technologies and a specially designed hull to minimize radar cross-section.
- Equipment: While much of the equipment on INS Teg is of Russian origin, it also integrates several systems developed in India.
- Armament: One significant difference from earlier Talwar-class ships is the use of BrahMos missiles instead of Klub-N missiles.
Features of INS Teg:
- Specifications: Weighing 3,970 tonnes, it is armed with eight BrahMos supersonic cruise missiles with a range of 290 km. The frigate measures 125 meters in length and accommodates anti-submarine or early-warning helicopters on its deck.
- Speed and Range: Capable of reaching speeds up to 30 knots (56 km/h; 35 mph) and has an operational range of 4,500 nautical miles (8,334 km).
- Stealth Capabilities: Designed with reduced radar cross-section, infrared, magnetic, and acoustic signatures, as well as minimized radiated underwater noise, enhancing its stealth capabilities.