Asian Development Bank (ADB)

• ADB is a multilateral development bank established in 1966.
• It is headquartered in Manila, Philippines
• The largest shareholders of  ADB are- Japan (15.6%) ,United States (15.6%), China (6.4%), and India (6.3%)

Objectives 

• It aims to promote social and economic development in Asia and the Pacific.
• It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
• Further, it assists members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

Why in news?

• Asian Development Bank (ADB) announces funding plan for Asian efforts to combat climate change.

About IF- CAP

• Asian Development Bank (ADB) launched the IF – CAP for the Asian region, to help reduce greenhouse gas emissions and build resilient infrastructure to help combat climate change.
• Under the programme, Denmark, Japan, South Korea, Sweden, the United Kingdom and the United States will guarantee some of the lender’s loans and shoulder losses in case borrowers default on their debt.
• This facility will also allow an increased lending to climate related projects in India.

https://theprint.in/environment/adb-announces-funding-plan-for-asian-efforts-to-combat-climate-change/1550271/