Asian Development Bank (ADB)
Asian Development Bank (ADB) was established in the year 1966 headquartered in Manila (Philippines). At present, it has 68 members from the Asia Pacific region. 49 of 68 are from the Asia-Pacific region. The region is home to a large share of the world’s poor: 263 million living on less than $1.90 a day and 1.1 billion on less than $3.20 a day.
- The bank was modeled on the lines of the world bank.
- It assists the members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- Japan holds the largest share in ADB with 15.677%, followed by U.S.A (15.567%), China (6.473%), and India (5.812%).
- Vision: The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty in the region.
ADB Strategy 2030
- Strategy 2030 sets the course for the Asian Development Bank (ADB) to respond effectively to the region’s changing needs.
- Under Strategy 2030, ADB will sustain its efforts to eradicate extreme poverty and expand its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.
Asian Development Bank assistance to India
India is a founding member of the Asian Development Bank. India has been availing of assistance from ADB since 1986 for the development in various sectors like Transport, Energy, Water and urban services, Finance and public sector management, Agriculture and natural resources, and Human development etc. Some projects include:
- ADB has listed its 10-year masala bonds worth Rs. 850 crore on the global debt listing platform of India INX. This would help support local currency lending and investment India.
- ADB has provided assistance and prepared a Conceptual Development Plan (CDP) for Vizag-Chennai Industrial Corridor (VCIC).
It has also offered $17.5 billion to help its developing member countries address the impacts of COVID-19 and address vaccination needs.
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