- 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 reduced its 2022-23 growth projection for India’s economy to 7% from 7.5% estimated in April.
- The Bank also raised its inflation forecast for India to 6.7% for this year, while widening its current account deficit (CAD) estimate to 3.8% of GDP.
- The CAD is expected to drop to 2.1% of GDP in 2023-24 while inflation will moderate to 5.8% as demand pressures from strengthening economic activity are tamped down by easing supply bottlenecks.