- 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?
- Election Commissioner Ashok Lavasa has been appointed as vice president for Private Sector Operations and Public-Private Partnerships at the Asian Development Bank.
- To take up the position he has to resign from his current job.