1. ADB pledges $120 million loan to finance India,
Bangladesh electricity link under SASEC Programme
i. The Asian Development Bank (ADB) has pledged to provide 120 million
dollar loan in order to finance cross-border electricity link between
Bangladesh and India under SASEC Programme. In this regard, loan agreement was
signed by ADB Country Director Kazuhiko Higuchi and Mohammad Mejbahuddin,
Senior Secretary of Bangladesh Finance Ministry.
ii. The loan fund would be used for Second Bangladesh-India Grid Inter
connectivity project under the ambitious South Asia Sub-regional Economic
Co-operation (SASEC) Programme. The projects under SASEC Programme aim to
promote regional prosperity through improved cross-border links in trade,
power, road and rail links between India and Bangladesh.
iii. The second project under will double the existing capacity from 500
MW to 1000 MW of the inter-connectivity link connecting power grid at Bheramara
in western Bangladesh and the grid of eastern India at Bahrampur (Odisha). It
should be noted that the networks under the first project were connected in
2013 and was financed by ADB under the SASEC Programme.
iv. Set up in 2001 to bring together Bangladesh, Bhutan, India,
Maldives, Nepal and Sri Lanka in a project-based partnership. This sub-regional
partnership aims to Strengthening regional economic cooperation and boosting
trade among member countries.
2. Russia inks deal to build Egypt’s first nuclear
plant at Dabaa
i. Russia has signed two agreements with Egypt to finance and build its
first nuclear power plant at Dabaa on the Mediterranean coast in the northwest
of the country. As per one of the agreement, Russia will extend a loan to Egypt
to cover the cost of construction of the nuclear plant which is expected to be
completed by 2022.
ii. Russia will grant a 35-year loan to the Egypt which is the Arab
world’s most populous country. However in the agreement the loan has been not
disclosed as the details of the credit agreement are still under discussion.
iii. Dabaa Nuclear plant will be third-generation plant with four
reactors with total capacity of 1,200 MW. On completion the plant will make
Egypt a regional leader in terms of civil nuclear technology.
iv. Since 1980s, Egypt has been pursuing its plan to have a peaceful
nuclear programme for the production of electricity at Dabaa. But the North
African country had frozen its nuclear programme plans after disputes with
local residents due to the Chernobyl disaster in 1986.
3. Walmart offers entrepreneur development
programme for women
i. Walmart India today announced an entrepreneur development programme
for women, a move to encourage women owned businesses (WOBs) in the supply
chain. This will include softer payment terms for them in their first year of
empanelment with Walmart India.
ii. Speaking at the launch of Andhra Pradesh Rural Inclusive Growth
Project on Thursday, Krish Iyer, President & CEO, Walmart India, said,
“Andhra Pradesh will be one of the first states in India where we will start an
entrepreneurial programme for women in collaboration with Society for
Elimination of Rural Poverty. Under this programme, we will guide and advise
aspiring women entrepreneurs in starting modern Kirana stores in their
communities.”
iii. As an ongoing commitment to empowering women around the world and
helping WOBs succeed and grow, Walmart has committed to source $20 billion from
women for its US business and double sourcing from women in international
markets, the statement said.
iv. Wal-Mart India Pvt Ltd, a wholly-owned subsidiary of Walmart Stores
Inc., owns and operates 21 Best Price Modern Wholesale stores in 9 states
across India. The company plans to open 50 more stores by 2020.
v. Walmart has also trained 17,891 women with life skills in India
through its Women in Factories (WiF) training programme. Launched in 2011, WiF
is working toward empowering 60,000 women working in 150 factories that supply
products to retailers in Bangladesh, Central America, China, and India.
4. AAI signed MoU with IL&FS to bolster
overseas expansion
i. Airports Authority of India (AAI) on 20 November 2015 signed a
Memorandum of Understanding (MoU) with IL&FS Global Financial Services to
spread its wings overseas. IL&FS Global Financial Services is a subsidiary
of infrastructure giant IL&FS.
ii. Through this tie-up, AAI aims to go global from local, considering
its expertise and capabilities in airport development and operation and
management. The authority will get an opportunity to identify airport
development opportunities in Middle East, Africa regions as well as in CIS
countries.
iii. Over a period of time, AAI has developed more than 60 airports in
metro and non-metro cities in India.
iv. Infrastructure Leasing & Financial Services Limited (IL&FS)
is one of India's leading infrastructure development and finance companies.
5. Rajasthan Government signed 295 MoUs attracting
3.3 lakh crore rupees investment
i. Rajasthan Government on 20 November 2015 signed 295 MoUs attracting
about 3.3 lakh crore rupees investment during the Resurgent Partnership Summit
2015. With this, a task force will be formed to get the projects implemented in
a time-bound manner.
ii. It aims to provide around 239694 lakh jobs in the state. The Energy
sector got MoUs worth 190000 crore rupees followed by Petroleum with 77657
crore rupees worth MoUs. Infrastructure got MoUs worth 17038 crore rupees while
Manufacturing sector of the state fetched MoUs worth 11760 crore rupees.
iii. Roads and Highways fetched 10000 crore rupees MoUs. Tourism was
allotted with 5783 crore rupees MoUs, Medical and Health with 4752 crore rupees
MoUs, Agriculture with 2402 crore rupees and Education got 1807 crore rupees
MoUs. Besides, award of sanctions in roads and highways got MoUs worth 25446
crore rupees.
iv. Adani Group Chief Gautam Adani announced to investing 10000 crore
rupees in the state over the next four years. Aditya Birla Group Chairman Kumar
Mangalam Birla committed to invest 7000 crore rupees in the cement sector.
v. Anil Ambani-led Reliance Group announced plans of 6000 crore rupees
investment in the solar sector. Hero Motocorp Chairman Pawan Munjal announced
to set up state of the art R&D centre in Jaipur besides pledging further
investment in solar energy.
6. Harshavardhan Neotia elected as President of
FICCI
i. Harshavardhan Neotia, Chairman of Ambuja Neotia group, was on 20 November
2015 elected as the President of industry body Federation of Indian Chambers of
Commerce and Industry (FICCI) for the year 2016.
ii. Neotia will succeed the current FICCI President Jyotsna Suri,
Chairperson and Managing Director of Bharat Hotels Ltd, during the chamber's
AGM in December 2015.
iii. Currently, Neotia is the Senior Vice President (VP) of FICCI. He is
also a member of the Rajasthan Chief Minister's Advisory Council and West
Bengal Chief Minister's Core Committee on Industry.
iv. Harshavardhan Neotia is the Chairman of Ambuja Neotia Group that
covers the entire spectrum of the Real Estate industry including housing,
hospitality, health care and education. In 1999, Neotia was conferred with
Padma Shri for his outstanding initiative in social housing.
7. Rajasthan, South Australia signed Sister-State
Agreement
i. Rajasthan and South Australia on 20 November 2015 signed the historic
Sister-State Agreement to boost export and investment opportunities between the
two states.
ii. The agreement was signed by South Australia Trade and Investment
Trade Minister Martin Hamilton-Smith and Rajasthan Chief Minister Vasundhara Raje
in Rajasthan.
iii. The sister-state relationship between South Australia and Rajasthan
is based on a two-way exchange of research, policy and technical capabilities.
The agreement provides partnership opportunities across key sectors where South
Australian business will offer services and product support.
iv. The expertise of South Australia in sustainable water management
will also play a critical role to further improve water access and security for
businesses and communities in Rajasthan.
v. In November 2015, the South Australian Government released research
showing that 65000 South Australian jobs are linked to international exports.
It showed export jobs are not just limited to traditional export sectors like
agriculture but also to services, health care, communications, transport.
8. UN Security Council approved French-sponsored
resolution urging action against ISIS
i. The United Nations Security Council (UNSC) on 20 November 2015
unanimously adopted a French-sponsored resolution 2249 (2015) calling all
nations to take all necessary measures to prevent and suppress the terrorist
acts of Islamic State of Iraq and Syria (ISIS) and other extremist groups.
ii. It mentions that ISIS group constitutes a global and unprecedented
threat to international peace and security and expresses its determination to
combat it by all means. It unequivocally condemns in the strongest terms the
horrifying terrorist attacks carried out by the Islamic State in Sousse,
Tunisia and Ankara, Turkey in 2015.
iii. It urges UN member states to intensify their efforts to stem the
flow of foreign terrorist fighters in Iraq and Syria and to prevent and
suppress the financing on terrorism. It is the 14th terrorism-related
resolution adopted by the UNSC since 1999.
iv. However, the resolution does not constitute an authorisation for
military action because it is not drafted under Chapter 7 of the UN Charter
which is the only way the United Nations can give a green light to the use of
force.
v. The resolution was adopted by UNSC a week after ISIS extremists had
launched a coordinated barbaric gun and bomb assault in Paris (France) on 13
November 2015 that killed 130 people.
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