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.

Objectives

• 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.

Why in News?

• The Union Government and Asian Development Bank has signed a 61-million dollar loan to improve livability, harness technology and promote new developments to accommodate the expanding population in Agartala city in Tripura.

Reference:

1. https://newsonair.gov.in/News?title=Govt-and-ADB-sign–61-M-loan-for-development-of-Agartala&id=429702