ASIAN DEVELOPMENT BANK (Syllabus: GS Paper 3 – Economy)

Context: Recently, the Government of India sealed a groundbreaking deal, signing a $400 million policy-based loan with the Asian Development Bank (ADB) to bolster its urban reform agenda, focusing on enhancing urban infrastructure, elevating service delivery, and fostering efficient governance systems.

Asian Development Bank (ADB)

• Formation: 1966.
• Objective: It envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty in the region.
• Headquarters: Manila, Philippines.
• Members: 68 members including India, China, and Pakistan.
• The bank admits the members of the UN 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.
• Largest capital contribution and voting rights: Japan and the United States (have equal and largest)>China>India>Australia.