Explanation:

• The Asian Development Bank (ADB) and the Government of India has signed a $490 million loan. The loan is signed for public-private partnership (PPP) project through the hybrid-annuity model (HAM) to upgrade about 1,600 km of state highways and major district roads in the state of Madhya Pradesh.
• An additional $286 million investment will be mobilised through private sector participation under the PPP modality.
• The upgradation of these roads under the project will improve rural and peri-urban connectivity in the state and improve access to markets and better services.
• The HAM is a mix of engineering, procurement, construction, and build-operate-transfer. This passes the responsibility of design, implementation, and operation and maintenance obligations to the private sector, while attracting some private sector financing.
• Masatsugu Asakawa appointed as President of Asian Development Bank (ADB).He will assume office as ADB’s 10th president on Jan. 17, 2020.He will succeed Takehiko Nakao, who will leave office on Jan. 16, 2020.