Asian Development Bank

By : Neha Dhyani

Updated : Mar 15, 2022, 8:59

The Asian Development Bank (ADB) marks a new era of cooperation and collaboration between many countries in the Asia-Pacific, including India. India is a strategic member of the ADB.

In 2021, the Asian Development Bank provided a record 17 loans worth US$4.6 billion to India, of which US$1.8 billion was for the COVID-19 response. In addition, the ADB regularly provides funds to India for supporting the Indian government's transport, finance, agriculture, urban development, and skills-building initiatives.

What is the Asian Development Bank?

The Asian Development Bank is a development-focused regional bank that aims to facilitate prosperous, resilient, inclusive, and sustainable development in the Asia-Pacific. The bank's primary goal is to eradicate poverty or extreme poverty in these countries.

The Asia-Pacific region is home to a significant chunk of people living under US$1.90 a day (263 million) and US$3.20 a day (1.1 billion).

ADB provides loans, grants, equity investments, and technical assistance to its member countries to foster socio-economic development. The bank also facilitates policy dialogues, offers advisory services, and streamlines co-financing through commercial, official, and export credit sources, including bond markets.

The Asian Development Bank was founded in Manilla, Phillippines, in 1966. The Asian Development Bank headquarters are located in Ortigas Center, Mandaluyong, Metro Manila, Philippines.

ADB accepts members who are a part 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). It also accepts members from non-regional developed countries.

When the ADB was established, it had 31 members. Presently, the ADB has 68 members, including 49 members from the Asia-Pacific and 19 from non-regional developed countries.

The Asian Development Bank is headed by Mr Masatsugu Asakawa, the ADB president. He is also the Chairperson of ADB's Board of Directors. Mr Asakawa assumed office on 17th January 2020. He is the 10th President of the Asian Development Bank.

List of Regional Members of the Asian Development Bank

Here is the list of 31 regional members of the Asian Development Bank, along with their year of membership:

Member

Year of Membership

Afghanistan

1966

Armenia

2005

Australia

1966

Azerbaijan

1999

Bangladesh

1973

Bhutan

1982

Brunei Darussalam

2006

Cambodia

1966

Cook Islands

1976

Federated States of Micronesia

1990

Fiji

1970

Georgia

2007

Hong Kong, China

1969

India

1966

Indonesia

1966

Japan

1966

Kazakhstan

1994

Kiribati

1974

Kyrgyz Republic

1994

Lao People's Democratic Republic

1966

Malaysia

1966

Maldives

1978

Marshall Islands

1990

Mongolia

1991

Myanmar

1973

Nauru

1991

Nepal

1966

New Zealand

1966

Niue

2019

Pakistan

1966

Palau

2003

Papua New Guinea

1971

People's Republic of China

1986

Philippines

1966

Republic of Korea

1966

Samoa

1966

Singapore

1966

Solomon Islands

1973

Sri Lanka

1966

Taipei, China

1966

Tajikistan

1998

Thailand

1966

Timor-Leste

2002

Tonga

1972

Turkmenistan

2000

Tuvalu

1993

Uzbekistan

1995

Vanuatu

1981

Viet Nam

1966

List of Non-Regional Members of the Asian Development Bank

Here is the list of 19 non-regional members of the ADB, along with the year of membership:

Member

Year of Membership

Austria

1966

Belgium

1966

Canada

1966

Denmark

1966

Finland

1966

France

1970

Germany

1966

Ireland

2006

Italy

1966

Luxembourg

2003

Netherlands

1966

Norway

1966

Portugal

2002

Spain

1986

Sweden

1966

Switzerland

1967

Turkey

1991

United Kingdom

1966

United States

1966

The Asian Development Bank has involved itself in many socio-economic development programs since its inception in 1966 and continues to work for many noble causes. The institution has so far given loans worth US$52.73 billion to India for 785 projects and is firmly committed to upgrading the living standards in India.

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FAQs on Asian Development Bank

Q.1) What is the Asian Development Bank?

The Asian Development Bank is a development-focused regional bank that aims to facilitate prosperous, resilient, inclusive, and sustainable development in the Asia-Pacific.

Q.2) Where is the headquarters of the Asian Development Bank?

The Asian Development Bank headquarters are located in Ortigas Center, Mandaluyong, Metro Manila, Philippines.

Q.3) Who is the current Asian Development Bank President?

The current Asian Development Bank President is Mr Masatsugu Asakawa.

Q.4) Who are the members of the Asian Development Bank?

The Asian Development Bank has 68 members, including 49 members from the Asia-Pacific and 19 from non-regional developed countries.