About Asian Development Bank (ADB):
- It is a multilateral development bank established on 19th December 1966.
- Its primary mission is to "foster economic growth and cooperation" among countries in the Asia-Pacific Region.
- Functions:
- ADB assists members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
- It also provides financing to certain private sector projects as well as public-private partnerships.
- The ADB regularly facilitates policy dialogues and provides advisory services.
- They also useco-financing operations that tap official, commercial, and export credit sources while providing assistance.
- Headquarters: Manila, Philippines.
- Members: 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 relies on member contributions, retained earnings from lending, and the repayment of loans for the funding of the organization.
