ASIAN DEVELOPMENT BANK

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Context

Asian Development Bank projected a seven per cent collective growth for South Asian economies in 2022. India will be growing by 7.5 per cent in the current fiscal year before picking up to eight per cent the next year- ADB.

Details

About: The Asian Development Bank (ADB) is a regional development bank established in 1966.
HQ: It is headquartered in Manila, Philippines.
Objective: ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Members: The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. From 31 members at its establishment, ADB now has 68 members.
Voting: The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions.
Share: Japan and the United States each hold the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.