The Asian Development Bank (ADB) and the Government of India signed a $60 Million Loan Agreement to reduce floods and the riverbank erosion in Assam. The loan will have a 20-year term.
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%
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