Asian Development Bank

The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966,[4] which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. 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.[6] From 31 members at its establishment, ADB now has 68 members.

Asian Development Bank
AbbreviationADB
Formation19 December 1966; 55 years ago (1966-12-19)
TypeMultilateral Development Bank
Legal statusTreaty
PurposeSocial and Economic Development
HeadquartersMandaluyong, Philippines
Region served
INDO- PACIFIC
Membership
68 countries
President
Masatsugu Asakawa (from 17 January 2020)[1]
Main organ
Board of Governors[2]
Staff
3,092[3]
Websitewww.adb.org
Asian Development Bank member states
  Outside regions
  Asia-Pacific region

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. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public.[7] The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries.[8] ADB is an official United Nations Observer.[9]

As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.[10]


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