ASIAN DEVELOPMENT BANK (ADB) - A COMPLETE REVIEW
Essential for All Upcoming Bank Exams
- Asian Development Bank (ADB) was established on 19th December, 1966.
- It is headquartered in Mandaluyong, Metro Manila, Philippines.
- This is a regional development bank.
- At first it was opened with 31 members and Takeshi Watanabe from Japan was ADB’s first President.
- Now there are 67 members, out of which 48 are between Asia and the Pacific region and 19 out of the outer.
- The company operates 31 regional offices around the world for social and economic development in Asia.
- ADB loans, technical assistance, grants and equity investments for social and economic development of its members and partners to provide help.
- To promote economic growth and cooperation in Asia and East Asia, and developing members of this region together and individually to contribute to the development of economic development process.
- Reduced poverty in Asia and the Pacific region through integrated economic growth, environmental sustainable growth and regional integration.
- Lends money to member countries for developmental projects.
- 1 Board of Governor.
- 12 Board of Directors.
- 1 President. [Takehiko Nakao]
- 4 Vice Presidents.
- Managing Director General.
History of ADB:
- In 1960, ADB made many of its cooperation on food production and rural development. During this time, Asia was in the poorest region of the world.
- In 1966, ADB was established.
- Between 1967 and 1972, Indonesia, Thailand, Malaysia, the Korean Republic and the Philippines, which established important trade links to Japan. These countries hold 78.48% of total ADB loan.
- From 1966 to 1972, Takeshi Watanabe served as the first ADB president.
- In 1974, the ADB provided financial support for the low interest rates of ADB poor members.
- In 1982, ADB opened its first office for the first time and later expanded it with the Non-Governmental Organization (NGO) in the decade of the decade.
- In the 1990s, ADB started work on trade and trade together regional cooperation by helping countries in the Mekong River work.
- In 1997, ADB responded by the financial crisis that it hit the region with projects designed to strengthen financial zones and create a social security jacket for the poor.
- In 2003, when Severe Acute Respiratory infection (SARS) hit the epidemic region, ADB provided national and regional support to help the countries.
- In 2009, ADB Governor Governors agreed to triple the ADB capital bank from 55 billion US dollar to 165 billion US dollar to respond to the global financial crisis.
- In 2012, ADB began to re-join Myanmar in response to the reforms raised by the government.
- In 2017, ADB combines the loan program through its Asian Development Fund (ADR) and General Funding Organization (OCR).
Functions of ADB:
- Providing loans for economic and social development of member countries of the region.
- Providing technical support for development projects and program preparation, financing and execution.
- Promote investment in the public and private capital areas for development.
- Provide financial and technical support to member countries for environmental protection.