ADB to Fund Smartchem Technologies

Current Context: The Asian Development Bank (ADB) announced that it will fund the farm efficiency initiative of Smartchem Technologies Ltd.

• The ADB will provide Smartchem Technologies Ltd. (STL) with a “blue loan” of USD 30 million for a period of 5 years.
• This will be ADB’s first “blue loan” in agribusiness.
• The objectives of funding include:

1. Enhancement in fertilizer production capacity
2. Advancement in technical capabilities
3. Sustainable transformation of agriculture

• In addition to this, ADB also approved a grant of USD 500,000 for building capacity for Soil Nutrition Management amongst marginal and small farmers.
• Blue Loan/ Blue Bond/ Blue Finance is a type of financing instrument that raises funds for investments in water management, marine ecosystem restoration, eco-friendly tourism, reducing ocean plastic pollution, sustainable shipping, etc.
• The ADB was established as a regional development bank in 1966 with its headquarters in Mandaluyong, Metro Manila, Philippines. The current President of the bank is Masatsugu Asakawa.

Question:

Q.1 Who announced a fund of USD 30 million to Smartchem Technologies Ltd.?
a. World Bank
b. Asian Development Bank
c. IMF
d. New Development Bank