“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%
