May 4, 2021

Union Minister for Finance and Corporate Affairs and Asian Development Bank’s (ADB) Governor for India Nirmala Sitharaman participated in the Governor’s Seminar on “Cooperation for a Resilient Future”, held as part of ADB’s annual meeting 2021.


  • 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%

  • ADB is an official United Nations Observer.

Source : PIB