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 resigned from his post to join the Asian Development Bank as vice-president next month.
• Mr. Lavasa has submitted his resignation to President Ram Nath Kovind. Last month, the ADB had announced his appointment to the post.

Reference:

1. http://newsonair.com/News?title=Ashok-Lavasa-resigns-as-Election-Commissioner%3b-to-join-ADB-as-Vice-President&id=397608