Asian Development Bank

Asian Development Bank

The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in Mandaluyong, Metro Manila, Philippines. The bank's primary mission is to foster economic growth and cooperation in the Asia-Pacific region. It assists its member countries by providing loans, technical assistance, grants, and equity investments to promote social and economic development.

History

The idea of a regional development bank for Asia and the Pacific was first proposed in the early 1960s. The concept gained momentum during the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East (ECAFE) in 1963. The ADB was officially established in 1966 with 31 member countries.

Membership

As of 2023, the ADB has 68 members, 49 of which are from the Asia-Pacific region. The bank's membership includes both regional and non-regional countries, with the largest shareholders being Japan and the United States.

Objectives

The ADB's primary objectives are to:

• Promote economic growth and cooperation in the Asia-Pacific region.
• Reduce poverty and improve the quality of life for people in the region.
• Support sustainable development and environmental protection.

Operations

The ADB provides financial assistance to its member countries through various means:

• Loans: The ADB offers both sovereign and non-sovereign loans to support development projects.
• Technical Assistance: The bank provides technical expertise and support to help countries implement development projects.
• Grants: The ADB offers grants for projects that have a significant impact on poverty reduction and sustainable development.
• Equity Investments: The bank invests in private sector projects that contribute to economic development.

Governance

The ADB is governed by a Board of Governors, which meets annually. Each member country appoints one governor and one alternate governor. The Board of Governors elects a 12-member Board of Directors, which is responsible for the bank's operations and policies. The President of the ADB is elected by the Board of Governors and serves a five-year term.

Projects and Initiatives

The ADB has been involved in numerous projects and initiatives across the Asia-Pacific region, focusing on areas such as:

• Infrastructure development
• Education and health
• Environmental sustainability
• Regional integration

Also see

• World Bank
• International Monetary Fund
• Asian Infrastructure Investment Bank
• New Development Bank