- It is a financial institution established in 1966.
- It has its headquarters in Manila, Philippines.
- It was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in the Asia-Pacific region.
- It aims to make Asia and the Pacific prosperous, inclusive, resilient, & sustainable while tackling poverty.
- ADB promotes private sector development, gender empowerment, regional integration, etc.
- Functions:
- ADB assists its members and partners by providing loans, technical assistance and grants.
- It focuses on projects that help promote private investments in the region that will have a significant development impact and lead to accelerated, sustainable, and inclusive growth.
- Eighty per cent of ADB’s lending is concentrated public sector lending in five operational areas:
- Education
- Environment
- Regional Cooperation
- Finance sector development
- Private sector lending
- Membership
- ADB has 68 members (originally 31).
- 49 members are from Asia and the Pacific.
- 19 members are from outside the Asia Pacific region.
- Contribution of member states and Voting:
- The ADB was modelled closely on the World Bank/IMF and has a similar weighted voting system where votes are distributed proportionately with members’ capital subscriptions.
- Contributions:
- Japan and the USA (15.7 % each)
- China (6.4 %)
- India (6.3 %)
- India is a founding member of ADB and the bank’s fourth-largest shareholder.
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