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 Government of India and the Asian Development Bank signed a $251 million loan for climate-resilient, integrated urban flood protection and management in the Chennai-Kosasthalaiyar basin to strengthen the resilience of Chennai city to floods.

Reference:

1. https://pib.gov.in/PressReleasePage.aspx?PRID=1767205