Asian Development Bank: In News
The Asian Development Bank announced a $70 billion programme to expand energy and digital infrastructure across the Asia-Pacific region by 2035.
- Asian Development Bank is a multilateral development bank established on 19th December 1966.
- It is the principal international development finance institution for the Asia-Pacific region.
- It envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
- Its membership is open to other regional countries and non-regional developed countries that are members of the U.N. or of any of its specialized agencies.
- Members: 69 (50 regional, 19 non-regional).
- Headquarters: Manila, Philippines.
- Governance:
- Board of Governors: One representative from each member country; top policy-making body.
- Board of Directors: Twelve directors manage operations; eight from regional members, four from non-regional members.
- President: Chairs the Board of Directors and manages ADB
- Voting System: Weighted voting based on each country’s capital contribution.
- Five shareholders are Japan and the USA (each with 15.6% of total shares), China (6.4%), India (6.3%), and Australia (5.8%).
- Functions of Asian Development Bank
- Provides Loans: It provides loans and grants to member countries for development projects in infrastructure, social sectors, and environmental sustainability.
- Technical Assistance: It offers technical assistance and advisory services to improve policy-making, governance, and institutional capacity.
- Regional Cooperation: It promotes regional cooperation and integration by funding cross-border projects and encouraging trade and investment.
- Supports private sector: It supports development of private sector by providing financing, guarantees, equity, and mezzanine funds for socially beneficial projects.
