Asian Development Bank

Asian Development Bank

Part of: GS Prelims and Mains II and III – Regional group/organizations; Economy

About:

• Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in Manila, Philippines.
• ADB aims to promote social and economic development in Asia. 
• The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and non-regional developed countries.

Do you know?

• The ADB was modeled closely on the World Bank, and has a similar weighted voting system.
• From 31 members at its establishment, ADB now has 68 members.
• ADB is an official United Nations Observer.
• India was a founding member of the Asian Development Bank (ADB) in 1966 and is now the bank’s fourth largest shareholder and top borrower.

As of 31 December 2019, ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).

In news:

• ADB announced that it had appointed Election Commissioner Ashok Lavasa  as its vicepresident (V­P) for private sector operations and public­private partnerships.