Asian Development Bank

• The Asian Development Bank (ADB) has approved capital management reforms that will unlock about $100 billion in new funding capacity over the next decade to address major Asian crises including climate change.

ABOUT ASIAN DEVELPOMENT BANK

• It is a multilateral development bank established on 19th December 1966.
• HQ- Manila, Philippines.
• It is owned 68 shareholding members including 49 from the Asia and Pacific region.
  • India is a founding member of the Asian Development Bank.
• Aim- To provide prosperity, inclusivity, resilience, and sustainability to Asia and Pacific along with eradication of poverty.
• It also aims to promote social and economic development in Asia and the Pacific.
• Further, it assists members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• It also provides financing to certain private sector projects as well as public-private partnerships.
• As of 2022, ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
• ADB is run by a board of governors, which represents the member countries of the ADB.
• It is modelled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion to members’ capital subscriptions.
• It lists 75 aphorisms selected from ancient texts.