Asian Development Bank

• The Asian Development Bank (ADB) has approved a $400 million policy-based loan to India, aimed at backing urban reforms by way of boosting infrastructure quality, providing assured public services and efficient governance systems.
• The loan will be under ADB’s Sustainable Urban Development and Service Delivery Program’s Subprogram 2, which supports investment and reforms at the state and urban local body (ULB) levels.

ABOUT ASIAN DEVELOPMENT BANK

• ADB was established in 1966 after a resolution was passed at first Ministerial Conference on Asian Economic Cooperation held by UN Economic Commission for Asia and Far East in 1963.
• It has 68 members- 49 are from within Asia and Pacific.
• India is a member.
• It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
• Headquarters– Manilla, Philippines
• Further, it assists members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• It aims to promote social and economic development in Asia and the Pacific.
• ADB’s highest policy-making body is Board of Governors.
• 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%).