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The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, [3] which is headquartered in 6 ADB Avenue, Mandaluyong, Metro Manila 1550, Philippines. [4] The bank also maintains 31 field offices around the world [ 5 ] to promote social and economic development in Asia.
Other states, which are parties to the International Bank for Reconstruction and Development or the Asian Development Bank may become members after approval of their accession by the bank. [6] The Articles were negotiated by the Prospective Founding Members, with Hong Kong joining the negotiations via China. [48] [49]
The former ADB president, Takehiko Nakao, announced that he would retire as ADB president on 16 January 2020 so Asakawa took up his position as ADB president on 17 January 2020. [ 6 ] [ 7 ] In the first instance, Asakawa was expected to serve out the remainder of the five-term presidential term which Nakao began in November 2016.
Those efforts came to fruition in 2022, when Israel was approved to join the ADB, according to a resolution by the Board of Governors, consisting of one representative from each member nation. The ...
The payment of the amount initially subscribed by each founding member to the paid-in capital stock of the bank will be made in dollars in 7 installments. [2] Each member cannot increase its share of capital without all other four members agreeing. The bank will allow new members to join but the BRICS capital share cannot fall below 55%. [31]
According to the ADB, the Philippines has heavily relied on the ADB for development assistance, borrowing a total of $19.3 billion in the last decade. [2] [failed verification] The Philippines has been commended by the ADB for being a fast-growing economy despite increasing inflation and a plummeting global economy. [3]
As of April 2010, ADB was the leading financial institution in agricultural financing in Ghana, responsible for 35% of the total bank industry financing of agriculture. [7] In September 2010, the bank was recognized as Bank Of The Year at the Africa Investor Agribusiness Awards , in Durban , South Africa , the first institution so recognized ...
The South Asia Subregional Economic Cooperation (SASEC) Program, set up in 2001, brings together Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka in a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries, and strengthening regional economic cooperation. [1]