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Asian Development Bank
This article deals with the ‘Asian Development Bank .’ This is part of our series on ‘Economics’ which is an important pillar of the GS-3 syllabus. For more articles, you can click here.
Introduction
| Established | 1966 |
| Motto | “Fighting poverty in Asia & Pacific” |
| Headquarter | Manila , Philippines |
| Type | Regional organisation, multilateral development & finance institution |
| Members | 67 (48 from Asia and pacific + 19 from outside) |
| India’s membership | India was the founding member of ADB |
| President | Masatsugu Asakawa , Japan (2020- present) |
| Vice – President | Ashok Lavasa (2020 – present ) (He was Election Commissioner and would have become Chief Election Commissioner) |
Biggest Shareholders of Asian Development Bank
Principles of ADB
- To make loans & equity investments for its developing members’ economic & social development.
- Provide technical assistance for the preparation & execution of development projects & programs & provide advisory services.
Indian Position in ADB
- India’s subscription to Bank’s capital stock is 7.2% & a voting share of 6%.
- India started borrowing from ADB’s ordinary capital resources in 1986. The Banks lending has been mainly in Energy, Transport & Communications, Finance, Industry & Social Infrastructure sectors.
- India holds the position of executive director on the Board of Directors of the Banks => its constituency comprises India, Bangladesh, Bhutan, Lao & Tajikistan.
- India is represented by
| Finance Minister | Governor |
| Secretary | Alternate Governor |