“Cooperation for a Resilient Future” seminar – Part of ADB’s annual meeting 

“Cooperation for a Resilient Future” seminar – Part of ADB’s annual meeting 

Part of: GS Prelims and GS – II – International relations

In news

• Union Minister for Finance and Corporate Affairs and Asian Development Bank’s (ADB) Governor for India Nirmala Sitharaman participated in the Governor’s Seminar on “Cooperation for a Resilient Future”, held as part of ADB’s annual meeting 2021.

Important value additions 

Asian Development Bank (ADB)

• It was conceived in the early 1960s when a resolution was passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963.
• The institution was opened in 1966 at Manila, Philippines with 31 initial members.
• Headquarters: Manila, Philippines
• Members: It has 67 members—of which 48 are from within Asia and the Pacific and 19 outside. 
• India is one of the founding members.
• Objective: A financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
• ADB provides loans, technical assistance and grants.
• Working: The ADB was modelled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
• As of 31 December 2016, Japan and USA hold the largest proportion of shares (15.607%), China holds 6.444%, India holds 6.331%, and Australia holds 5.786%
• ADB is an official United Nations Observer.