- 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?
- Union Minister for Finance & Corporate Affairs Nirmala Sitharaman will lead the Indian delegation to attend the 56th Annual General Meeting of the Board of Governors of Asian Development Bank (ADB) along with Investor/ Bilateral and other associated meetings, in Incheon, the Republic of Korea, from May 2-5, 2023.
- The Meetings will be attended by official delegations of ADB members, observers, non-governmental and civil society organisations, media, financial institutions and banks and other private sector companies.