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 (ADB) has lowered its growth forecast for India to 7.2% for 2022-23 from a 7.5% projection made in April, citing higher than anticipated inflation since April along with monetary policy tightening.
• In a supplement to its Asian Development Outlook report, the Bank also moderated its growth hopes for 2023-24 to 7.8% from 8% and raised its inflation projection for that year to 5.8%.

Reference

https://www.thehindu.com/business/Economy/asian-development-bank-pares-india-growth-hopes-to-72-for-2022-23/article65665451.ece