Asian Development Bank

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.

ADB envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region. Despite the region’s many successes, it remains home to a large share of the world’s poor: 263 million living on less than $1.90 a day and 1.1 billion on less than $3.20 a day.
ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

The Asian Development Bank has downgraded India’s economic growth forecast for the current financial year to 10 per cent, from 11 per cent projected earlier this year, mainly on account of the adverse impact of the coronavirus pandemic.
According to the Asian Development Outlook (ADO) Supplement, India’s GDP growth recovered to 1.6 per cent in the last quarter of fiscal year ended March 2021, narrowing contraction in the whole fiscal year from 8 per cent estimated in April to a revised 7.3 per cent.
Meanwhile, growth projection for FY 2022 (ending in March 2023), by which time much of India’s population is expected to be vaccinated, is upgraded from 7 per cent to 7.5 per cent as economic activity normalises.
On South Asia, ADB said the economic outlook for the subregion is dampened by new waves of COVID-19 hitting the subregion from March to June 2021.
The adverse economic impact of these new waves is expected to be limited, with businesses and consumers better able to adapt to the pandemic and containment measures now than they were a year ago.

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