(THE GIST OF PIB) ASEAN

(THE GIST OF PIB) Asian Development Bank

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman will lead the Indian delegation to attend the 56th Annual General Meeting of the Board of Governors of Asian Development Bank (ADB) along with Investor/ Bilateral and other associated meetings, in Incheon, the Republic of Korea, from May 2-5, 2023.
The Meetings will be attended by official delegations of ADB members, observers, non-governmental and civil society organisations, media, financial institutions and banks and other private sector companies.

The Asian Development Bank (ADB) was founded in 1966 with the primary mission of fostering growth and cooperation among countries in the Asia-Pacific Region.
It is headquartered in Manila, Philippines.
At present, ADB comprises 68 members (including India)- of which 49 are from within Asia and the Pacific and 19 outside.
The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
The two largest shareholders of the ADB are the US and Japan.
ADB is an official United Nations Observer.