Current Affairs Agreements

  Asian Development Bank (ADB) has inked an agreement to invest USD 50 million in solar energy project developer Avaada Energy Pvt Ltd to help the company scale up rapidly. The investment will come equally from ADB’s Ordinary Capital Resources and Leading Asia’s Private Infrastructure Fund (LEAP). LEAP is a funding arrangement provided by Japan International Cooperation Agency (JICA) which is administered by ADB.
Source- The Economic Times

  Maldives finance ministry has signed an agreement with India’s Export-Import Bank (EXIM) for line of credit (LOC) of 800 million US dollars to finance the new government’s infrastructure projects. The agreement was signed in presence of External Affairs Sushma Swaraj who was on a 2-day visit to Male. The LOC is part of 1.4 billion US dollars finance assistance announced by the Indian government during President Ibrahim Mohamed Solih’s state visit in December 2018. The EXIM Bank loans come with a 1.75% interest rate and a 15-year repayment periodafter five years of moratorium.
Source- Press Information Bureau (PIB)

  Ola has signed a Memorandum of Understanding (MoU) with the Government of Telangana to support the latter’s efforts in strengthening traffic infrastructure in the city. The partnership would see Ola ‘share intelligent insights’ that enable the Government to implement smart solutions to enhance ‘mobility experience’ in the city, an Ola release stated. The first pilot project proposed to be implemented under the MoU is the dynamic mapping of riding quality of various major roads in Hyderabad through the network of vehicles operating on the Ola platform.
Source: Business Standard

  The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) with the Securities and Exchange Board of India (SEBI). The IBBI and the SEBI seek effective implementation of the Insolvency and Bankruptcy Code, 2016 (Code) and its allied rules and regulations, which have redefined the debt-equity relationship and aims to promote entrepreneurship and debt market.
Source: Business Standard

  IIT Roorkee and ISRO have signed an MoU to develop Space Technology Cells on the campus of the varsity. IIT Roorkee issued a statement saying the premier technology school has inked an MoU with the Indian Space Research Organization (ISRO) to setup Space Technology Cells. The Space Technology Cells developed under this MoU will help students and faculty members of the institute to pursue advanced research in different areas related to futuristic space technology.
Source- The Indian Express

  The Ministry of Human Resource Development has signed a memorandum of understanding(MoU) with the Afghanistan government to work on digital education initiatives, which include many prominent programs developed by Indian Institutes of Technology (IITs). The MoU was signed at IIT-Madras. This collaboration hopes to contribute to bilateral relations and beget mutual benefits for the two countries.
Source: The New Indian Express

  India and Pakistan have agreed to work expeditiously on operationalizing the Kartapur corridor. The corridor will facilitate Indian pilgrims to visit the holy shrine of Gurdwara Darbar Sahib at Kartarpur in Pakistan. The agreement was reached during the first meeting between the representatives of the two countries held at Attari in Punjab.
Source- AIR World Service

 The Insolvency and Bankruptcy Board of India (IBBI) has signed a Cooperation Agreement with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). The agreement will enable IFC to assist IBBI to further build the capacity of insolvency professionals, and insolvency professional agencies for the purposes of the Code. The agreement was signed by K. R. Saji Kumar, Executive Director, IBBI and Jun Zhang, Country Manager, IFC India.
Source- Press Information Bureau (PIB)

  India has signed a deal with a Russian firm to manufacture 7.5 lakh AK-203 rifles. These are the latest derivative of the AK-47 rifles. Defence Minister Nirmala Sitharaman stated that the AK-203 rifles will be produced at the Indian Ordnance Factory at Amethi’s Korwa. The new rifles will replace the indigenous INSAS rifles in the Army, Air Force, and Navy.
Source: Hindustan Times

  A loan agreement of USD 455 million was signed between the Asian Infrastructure Investment Bank (AIIB) and the Government of India for financing the Andhra Pradesh Rural Roads Projects. These projects will connect 3,300 habitations with a population of more than 250, and benefit around 2 million people. It is the third project in Andhra Pradesh signed by the AIIB after two projects in Power Sector and Water Sector.
Source: Business Standard



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