The full form of ADB is Asian Development Bank committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
ADB Stands for
ADB stands for Asian Development Bank. It is a regional development bank that is Asian in character. It was established to reduce poverty and foster economic growth and cooperation in Asia and the Pacific. It assists in the socio-economic development in member countries by providing loans, grants and technical assistance. It has 67 members, 48 of which are from Asia and Pacific region. It is headquartered at Mandaluyong, Philippines and as of July 2017, Takehiko Nakao is the president of ADB.
What is ADB – Asian Development Bank
The Asian Development Bank is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company also maintains 31 field offices around the world to promote social and economic development in Asia.
The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. From 31 members at its establishment, ADB now has 68 members.
The ADB was modeled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions. ADB releases an annual report that summarizes its operations, budget, and other materials for review by the public.
The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. ADB is an official United Nations Observer.
As of 31 December, 2018, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.
About ADB Organization
The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The Board of Governors, in turn, elect among themselves the twelve members of the Board of Directors and their deputies. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.
The Board of Governors also elect the bank’s president, who is the chairperson of the Board of Directors and manages ADB. The president has a term of office lasting five years, and may be reelected. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese.
The current president is Masatsugu Asakawa. He succeeded Takehiko Nakao on 17 January 2020, who succeeded Haruhiko Kuroda in 2013.
The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines, and it has 31 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo, and Sydney. The bank employs about 3,000 people, representing 60 of its 68 members.
Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020.
The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The company also maintains 31 field offices around the world to promote social and economic development in Asia.
Areas of Focus
ADB operations give emphasis on the following areas:
- Regional integration
- Finance Sector development
- The idea of the Asian Development Bank conceived in the early 1960s. Later, a resolution was passed at the first Ministerial Conference on Asian Economic Cooperation in 1963 to establish the ADB.
- On 19 December 1966, ADB was established with 31 members and Takeshi Watanabe as its first President. In the beginning, ADB was focused on food production and rural development.
- In 1970, ADB’s first bond issue worth $16.7 million issued in Japan.
- In 1974, the Asian Development Fund was established to provide low-interest loans to the poorest member countries.
- In 1982, it opened its first field office in Bangladesh to come closer to the people in need.
- In mid-1997, during a severe financial crisis in the region, it started projects to strengthen the financial sector, i.e. it approved its largest single loan worth $ 4 billion to the Republic of Korea.
- In 2004, it spent more than $800 million for the recovery of areas hit by Tsunami in Sri Lanka, India, Indonesia, and the Maldives.
- In 2008, it launched a new long-term strategy framework ‘Strategy 2020’ to respond to the changing needs of the region.
- In 2014, a midterm review of the? Strategy 2020? was released and various organizational changes were introduced to improve the business processes and to become stronger and better.
|Motto||ADB is committed to achieving a prosperous, inclusive, resilient and sustainable Asia & the Pacific, while sustaining its efforts to eradicate extreme poverty.|
|Type||Multilateral Development Bank|
|Purpose||Social and Economic Development|
Mandaluyong, Metro Manila, Philippines
|President||Masatsugu Asakawa (from 17th January 2020)|
|Main organ||Board of Governors|