The full form of ADB is the Asian Development Bank. It is a regional development bank whose motto is to be dedicated to accomplishing a flourishing, sustainable, flexible, and inclusive Asia and the Pacific. So it is also supporting and strengthening its efforts to eliminate tremendous poverty.
It has 67 members, 48 of which are from Asia and the Pacific region. And it’s headquartered is at Mandaluyong, Philippines, and as of July 2017, the president of ADB Takehiko Nakao.
The Full Form of ADB Is: Asian Development Bank
ADB helps in the socio-economic growth and development in member countries by offering loans, grants, and technical assistance.
Areas of Focus
ADB operations give more focus on the areas as follow:
- Education
- Environment
- Infrastructure
- Regional integration
- Finance Sector development
India and ADB
India has been connected with the ADB(Asian Development Bank), since its inception. It was one of the founding members of ADB and presently the fourth-largest shareholder. ADB’s operations started in India around 1986 after India proposed to become a borrowing member.
The very first loan that was approved by ADB for India was wiped out in 1986 which amounted to 100$ million which was directed towards the ‘Industrial Credit and Investment Corporation of India’. This program was aimed at medium-sized industries and assisted the establishment of the latest technologies.
ADB also provided a loan of 300 $ million loan for the Financial Sector Program in 1992 with the target of infusing capital into the banking industry which was disturbed at that time. It also helped within the development of the finance sector by providing aid for other reforms.
ADB Brief History
- The idea of ADB(Asian Development Bank) conceived in the early 1960s.
- A resolution was passed at the first Ministerial Conference on Asian Economic Cooperation in 1963 to establish the ADB.
- ADB was established with 31 members and Takeshi Watanabe as its first President. In the beginning, ADB was focused on food production and rural development on 19 December 1966.
- ADB’s first bond issue worth $16.7 million issued in Japan in 1970.
- The Asian Development Fund was established to provide low-interest loans to the poorest member countries in 1974.
- It opened its first field office in Bangladesh to come closer to the people in need in 1982.
- In mid-1997, during the severe financial crisis in the region, it started projects to strengthen the financial sector, i.e. it approved its largest single loan worth $ 4 billion to the Republic of Korea.
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