ASIAN DEVELOPMENT BANK (Syllabus: GS Paper 2 – IR)

Context: The Government of India recently signed an agreement with the Asian Development Bank (ADB) to avail a $200 million loan, aimed at enhancing the quality, efficiency, and reliability of power supply in the state of Uttarakhand.

Asian Development Bank (ADB)

• About: ADB is a regional development bank that provides loans for development projects in its member countries.
• 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.

oThe 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.

ADB's Work in India

• India is a founding member of ADB and the bank’s fourth largest shareholder. 
• ADB has aligned its operations in the country to the government’s developing priorities. 
• ADB operations promote private sector development, gender empowerment, regional integration, knowledge solutions, and capacity development.