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(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.
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Courtesy: PIB