Asian Development Bank Meeting
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?
- India urged the Asian Development Bank (ADB) not to overlook its focus on reducing the remaining poverty while promoting sustainable growth for the member nations in the Asia Pacific region.
- Making intervention at the Board of Governors Business Session at the 57th Annual Meeting of ADB, India said the bank has played a critical role in facilitating measures of faster economic development, reducing poverty and promoting regional cooperation while effectively addressing the challenges and delivery of global public goods.
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