Full form of ADB: The Asian Development Bank (ADB) is an international financial institution that provides development assistance to Asia and its neighboring countries. Its primary goal is to reduce poverty and promote economic growth in developing Asia-Pacific nations. The ADB is headquartered in Manila, Philippines with an office in Tokyo, Japan. It’s also supported by 15 member countries: Australia, Brunei, China, Japan, Jordan, Kazakhstan, Kuwait, the Maldives, Mongolia, Nepal, the Philippines, Singapore, South Korea and Vietnam. The AD Bank has received a lot of attention in the past few years as its lending policies have become more controversial.
The Asian Development Bank was founded in 1966 with a contribution of $100 million from Japan. ADB currently has a membership of more than half a million private sector and public sector entities from around the world. These include businesses, institutions and governments. Many of the ADB’s members are corporations from developed nations such as Germany and the United States.
Function of ADB
- The bank’s original mission was to foster economic development in underdeveloped Asian countries. However, since then the ADB has broadened its mission to include poverty reduction and improving economic management in its member countries.
- The lending activities of the Asian Development Bank cover a wide variety of sectors that help develop impoverished Asian nations. Some of these sectors include infrastructure development, private sector development, agriculture development, fisheries development and wildlife conservation projects.
- The ADB offers financial assistance to promote sustainable economic growth through macroeconomic stability and financial inclusion initiatives. In addition to direct lending programs, the bank has created several policy tools such as the Overcoming Financial Informality (OFF) manual for Asia-Pacific nations.
adb full form
- It currently supports development through lending programs and encourages greater cooperation among member states through policy initiatives.
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