(The Gist of PIB) Asian Development Bank

(THE GIST OF PIB) Asian Development Bank

[May-2021]

Asian Development Bank

• Union Minister for Finance and Corporate Affairs and Asian Development Bank’s (ADB) Governor for India Nirmala Sitharaman participated in the Governor’s Seminar on “Cooperation for a Resilient Future”, held as part of ADB’s annual meeting 2021.

About:

Background:

• It was conceived in the early 1960s when a resolution was passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963.
• The institution was opened in 1966 at Manila (Philippines capital) with 31 initial members.
• Members: It has 67 members—of which 48 are from within Asia and the Pacific and 19 outside. India is one of the founding members.

Objective:

• It was conceived as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
• As a multilateral development finance institution, ADB provides loans, technical assistance and grants.

Working:

• The ADB was modelled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
• As of 31 December 2016, Japan and United States hold the largest proportion of shares at 15.607%. China holds 6.444%, India holds 6.331%, and Australia holds 5.786%.
• ADB is an official United Nations Observer.

CLICK HERE TO DOWNLOAD FULL PDF

CLICK HERE TO DOWNLOAD UPSC E-BOOKS

Study Material for UPSC General Studies Pre Cum Mains

Get The Gist 1 Year Subscription Online

Click Here to Download More Free Sample Material

<<Go Back To Main Page

Courtesy: PIB