Q. Consider the following statements regarding “Asian Development Bank”:
1.It allows only Asian region countries only.
2.It was modeled closely on the IMF, and it lends short term balance of payment crisis only.
Which of the statements given above is/are correct?
Answer: D
Notes:
Explanation: Asian Development Bank 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.
- ADB now has 68 members of which 49 are from within Asia and Pacific while the remaining 19 are from outside.
- The bank admits member countries from Asian region and non-regional developed countries.
- 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.
- ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
Source: FORUMIAS
