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?

• The Asian Development Bank has raised its forecast for India’s growth in 2021-22 to 11%, from 8% earlier.
• The Asian Development Outlook report, however, warned that failure to control the resurgence of COVID-19 cases including April’s exponential jump poses a considerable downside risk to the recovery.
• The report projected growth to moderate to 7% in 2022-23, after a 11% expansion this year. 
• The lender sees India’s average inflation rate slowing to 5.2% this year from 6.2% last fiscal, and reverting to 4.8%, over the succeeding 12 months. 

Reference:

1. https://www.business-standard.com/article/news-cm/adb-expects-indian-economy-to-expand-at-11-in-current-fiscal-121042800490_1.html