News: Asian Development Bank (ADB) President Masato Kanda announced a 5-year initiative aimed at transforming urban infrastructure across India.
About Asian Development Bank (ADB)
- It is a regional development bank established on 19 December 1966.
- ADB is headquartered in Manila, Philippines.
- Aim: It aims to promote social and economic development in Asia.
- It assists its members and partners by providing loans, technical assistance, grants and equity investments to promote social and economic development.
- It is an official United Nations Observer.
- Members: ADB has 69 members—of which 50 are from within Asia and the Pacific and 19 outside.
- Voting pattern: It was modeled 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 2020, 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%.
- Governance
- Board of Governors: The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state.
- Directors and deputies: The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies.
- President: The Board of Governors also elect the bank’s president, who is the chairperson of the board of directors and manages ADB.
- Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese.
Infrastructure Initiative Announced by ADB
Urban Challenge Fund (UCF)
|
