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ASIAN DEVELOPMENT BANK (ADB)

26-08-2023

04:18 PM

1 min read
Prelims: International Relations & Institutions



OVERVIEW:

THE ASIAN DEVELOPMENT BANK (ADB) RECENTLY RETAINED INDIA’S GDP GROWTH FORECAST
FOR THE CURRENT FINANCIAL YEAR AT 7%.


ABOUT ASIAN DEVELOPMENT BANK (ADB):

 * It is a multilateral development bank established on 19th December 1966.
 * It is the principal international development finance institution for the
   Asia-Pacific region.
 * It envisions a prosperous, inclusive, resilient, and sustainable Asia and the
   Pacific, while sustaining its efforts to eradicate extreme poverty in the
   region.
 * Functions:
   * It provides assistance to its developing member countries, the private
     sector, and public-private partnerships through grants, loans, technical
     assistance, and equity investments to promote social and economic
     development.
   * ADB maximizes the development impact of its assistance by facilitating
     policy dialogues, providing advisory services, and mobilizing financial
     resources through cofinancing operations that tap official, commercial, and
     export credit sources.
 * Headquarters: Manila, Philippines.
 * Membership:
   * Membership in the ADB is open to members and associate members
     of the United Nations Economic Commission for Asia and the Far East.
   * It's also open to other regional countries and non-regional developed
     countries that are members of the U.N. or of any of its specialized
     agencies. 
   * From 31 members at its establishment in 1966, ADB has grown to encompass
     68 members, of which 49 are from within Asia and the Pacific and 19
     outside.
 * Control:
   * ADB is run by a board of governors, which represents the member
     countries of the ADB. 
   * The ADB was modelled closely on the World Bank and has a similar weighted
     voting system where votes are distributed in proportion to members' capital
     subscriptions.
   * As of 2022, ADB's five largest shareholders are Japan and the United
     States (each with 15.6% of total shares), the People's Republic
     of China (6.4%), India (6.3%), and Australia (5.8%).
 * Source of Funding:
   * It raises capital regularly through the international bond markets.
   * The ADB also relies on member contributions, retained earnings from
     lending, and the repayment of loans for the funding of the organization.

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Q1: WHAT IS THE ASIAN INFRASTRUCTURE INVESTMENT BANK (AIIB)?

AIIB is a multilateral development bank that aims to improve economic and social
outcomes in Asia. It is headquartered in Beijing, China. All powers of the Bank
are vested in our Board of Governors, which is the highest decision-making body
under our Articles of Agreement. AIIB has 105 members. China is the AIIB’s
largest shareholder with a 26.5% voting share. India is the second-largest, with
7.5%, followed by Russia, which has a 5.97% voting share.

Source: ADB retains India growth forecast at 7% for FY25

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