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 approved a USD 250 million loan to Bangladesh for economic recovery following the COVID 19 pandemic in the country. This is the first installment of the USD 500 million Sustainable Economic Recovery Programme for Bangladesh.
The Sustainable Economic Recovery Programme aims to generate employment and expand economic activities for micro-entrepreneurs and small businesses.
The loan will support the government’s planned investment in education, health, social protection and infrastructure to help stimulate economic activities and recovery.

Today Current Affairs Upsc Exam Syllabus & Previous Yearpaper.