About ADB

• The Asian Development Bank (ADB) was founded in 1966 with the primary mission of fostering growth and cooperation among countries in the Asia-Pacific Region.
• It is headquartered in Manila, Philippines.
• At present, ADB comprises 68 members (including India)- of which 49 are from within Asia and the Pacific and 19 outside.
• The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
• The two largest shareholders of the ADB are the US and Japan.
• ADB is an official United Nations Observer.

Why in News?

• Election Commissioner Ashok Lavasa has been appointed as vice president for Private Sector Operations and Public-Private Partnerships at the Asian Development Bank.
• To take up the position he has to resign from his current job.

https://www.thehindu.com/news/national/adb-appoints-election-commissioner-ashok-lavasa-as-new-vice-president/article32089006.ece