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.
• ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• 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 has signed a $130 million loan to increase agricultural productivity, improve access to irrigation and promote horticulture agribusinesses to raise farmers’ income in the state of Himachal Pradesh.
• The project interventions will help increase the income and resilience to the effects of climate change of at least 15,000 farm households across 7 districts of the state.

https://pib.gov.in/PressReleasePage.aspx?PRID=1931629