What does ADB Stand for?
For instance, the full form of ADB refers to a development banking institution, specifically the Asian Development Bank. ADB is a renowned regional development bank with an aim to achieve and promote a healthy and stable APAC (Asia Pacific region) while maintaining its versatility and reducing the gargantuan levels of poverty. Recently, post the devastating COVID-19 pandemic, ADB has made a significant impact in recovering from the pandemic in a sustainable manner. In December 2020, they announced a $9 billion APVAX facility (Asia Pacific Vaccine Access Facility) to facilitate funding, logistics and distribution, and procurement of vaccines.
Apart from learning the full form of ADB, here are some quick facts at a glance to help with your interviews and exams.
ADB Quick Facts
- Full Form of ADB - Asian Development Bank
- The Asian Development Bank is focused on sustainable development and fighting against poverty in the Asia Pacific Region. According to their website, despite being successful in multiple areas and fields, the APAC religion is also the home to a significant share of the world’s poorest. Over 263 million people survive on less than $1.90 a day, and over a billion people survive on less than $3.20 a day.
- ADB aims to assist the APAC region by providing loans, grants, technical assistance, equity investments, and other such tools necessary to promote socio-economic development.
- ADB is known for lobbying for favourable policies necessary for fast growth and development, providing advisory services, and mobilizing financial resources to extradite growth.
- ADB was established at the first Ministerial Conference on Asian Economic Corporation held by the erstwhile UNECAFE (United Nations Economic Commission for Asia and the Far East) in 1963. ADB was opened much later in 1966 in Manila, the Philippines, with Takeshi Watanabe at the helm.
- Just in the year 2020, ADB has spent over $31.6 billion in loans, grants, equity investments, and guarantees, $294 million in technical assistance, $16.4 billion in co-financing, and $23.6 billion in disbursements.
- India is one of the countries to have benefitted significantly from the Asian Development Bank, with over $52,73 Billion received to execute over 780 projects in the country. Countries like China, Indonesia, and Pakistan have also gained a lot, receiving approximately $40 billion each in investments, technical assistance, and Trade finance commitments in 2020.
- The main goal of the bank is to achieve a poverty-free, resilient, inclusive Asia and the Pacific. The strategies are penned down in its document titled Strategy 2030.
We hope this information was useful to you. Like the full form of ADB, you can learn from others our articles. This would be extremely beneficial for a banking exam.
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