The Asian Development Bank (ADB) is an international partnership of several nations is engaged in promoting the economic and social progress of its developing member countries in the Asia Pacific Region. The functions of Asian Development Bank include helping poor countries to come out of poverty and support their development programmes.
Headquarters of ADB
The bank started functioning in December 1966 with the headquarters in Manila, Philippines
Functions of Asian Development Bank
The functions of Asian Development Bank are:
- to give loans for the economic and social advancement of the developing member countries
- to provide technical assistance for the preparation and execution of development projects and programmes and advisory services
- to promote investment of public and private capital for development purposes, and
- to respond to requests for assistance in co-ordinating development policy and plans of member countries
Members of ADB
From 31 members at its establishment in 1966, ADB has grown to encompass 68 members—of which 49 are from within Asia and the Pacific and 19 outside. India was founding member of ADB.
President of ADB
The President heads a management team comprising six Vice-Presidents. The team supervises the work of ADB’s operational, administrative, and knowledge departments.
Masatsugu Asakawa (Japanese) is the President of the Asian Development Bank (ADB) since April 2013.
Management of ADB
- Board of Governors: ADB’s highest policy-making body is the Board of Governors, which comprises one representative from each member nation – 48 from the Asia-Pacific and 19 from outside the region
- Board of Directors: The Governors elect 12 members to form the Board of Directors, which performs its duties full time at the ADB headquarters. The Directors supervise ADB’s financial statements, approve its administrative budget, and review and approve all policy documents and all loan, equity, and technical assistance operations
ADB Annual Meetings
The Annual Meetings of the ADB Board of Governors are held every year in a member country in late April or early May
The 2019 Annual Meeting (52nd annual meeting) of the Board of Governors of the Asian Development Bank was held in Fiji from Wednesday, 1 May to Sunday, 5 May 2019.
ADB Funding and Lending
ADB raises funds through bond issues on the world’s capital markets. It also rely on our members’ contributions, retained earnings from lending operations, and the repayment of loans. It also provides loans and grants from a number of special funds.
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