PIB Summary- 6th July, 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

Asian Development Bank

Why in News?
The Asian Development Bank (ADB) recently approved USD 200 million additional financing for the Rajasthan secondary towns development sector project.

About Asian Development Bank (ADB)

• The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966 to promote social and economic development in Asia.
• It is headquartered in the city of Mandaluyong, Metro Manila, Philippines.
• The ADB was modelled closely on the World Bank and an official United Nations Observer.
• Japan holds the largest proportion of shares in ADB followed by the USA, and it has a weighted voting system where votes are distributed in proportion with members’ capital subscriptions (just like the World Bank).
• The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
• ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
• ADB aids in reducing poverty through investments in the form of loans, grants and information sharing (in infrastructure, health care services, financial and public administration systems), helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas.

JIMEX 23

Why in News?
The seventh edition of the bilateral Japan-India Maritime Exercise 2023 (JIMEX 23) hosted by the Indian Navy, is being conducted at/ off Visakhapatnam from 05 -10 July 2023. This edition marks the 11th anniversary of JIMEX, since its inception in 2012.

About JIMEX 23

The exercise aims to enhance cooperation and interoperability between the Japan Maritime Self Defence Force (JMSDF) and the Indian Navy.
Indian Navy’s Participation

• Indian Navy’s participating assets include INS Delhi (Guided Missile Destroyer), INS Kamorta (Anti-Submarine Warfare Corvette), INS Shakti (Fleet Tanker), a submarine, P8I and Dornier maritime patrol aircraft, ship-borne helicopters, and fighter aircraft.

Phases of the Exercise

• The exercise will be conducted in two phases: a Harbour Phase and a Sea Phase.
• During the Harbour Phase in Visakhapatnam, professional, sports, and social interactions will take place.
• The Sea Phase will focus on joint warfighting skills, interoperability, and multi-discipline operations in the surface, sub-surface, and air domains.

Objectives

• JIMEX 23 provides an opportunity for both navies to learn from each other’s best practices.
• The exercise aims to strengthen operational interactions, mutual cooperation, and reaffirm the shared commitment to maritime security in the region.