Asian Development Bank
Context: Asian Development Bank (ADB) president Masato Kanda has announced a five-year initiative to transform urban infrastructure across India, with an estimated investment of $10 billion.
Important Pointers:
Establishment: ADB was established on 19th December 1966 as a multilateral development bank.
Objective: It aims to foster a prosperous, inclusive, resilient, and sustainable Asia-Pacific region.
Mission: ADB focuses on eradicating extreme poverty and promoting sustainable development in Asia and the Pacific.
Functions: It provides grants, loans, technical assistance, and equity investments to promote economic and social development.
Development Support: ADB supports policy dialogue, advisory services, and cofinancing with public and private entities.
Headquarters: The ADB is headquartered in Manila, Philippines.
Membership: ADB has 68 members — 49 from Asia-Pacific and 19 from outside the region.
Eligibility for Membership: Open to UNESCAP members and UN member states or those of its specialized agencies.
Governance Structure: ADB is managed by a Board of Governors representing member nations.
Voting Rights: Uses a weighted voting system similar to the World Bank, based on capital contributions.
Top Shareholders (2022): Japan and the U.S. (15.6% each), China (6.4%), India (6.3%), and Australia (5.8%).
Funding Sources: ADB raises funds through international bond markets and member contributions.
Additional Resources: Also funded by loan repayments and retained earnings.