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’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
• ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• ADB is an official United Nations Observer.

Why in News?

• The Government of India and the Asian Development Bank (ADB) signed an agreement for availing a $200 million loan from ADB, to improve the quality, efficiency, and reliability of power supply in the state of Uttarakhand.
• The ADB funding for the project will strengthen power system infrastructure and help Uttarakhand in achieving its goal of providing 24×7 power to its residents.
• The project will empower women self-help groups in rural hilly districts, providing them with access to renewable energy sources and energy-efficient equipment to enhance their livelihoods. 

https://pib.gov.in/PressReleasePage.aspx?PRID=1985975