ADB Full Form: ADB stands for Asian Development Bank. The Asian Development Bank (ADB) is a regional development bank whose objective is to build a stable, healthy, diversified, and sustainable Asia and the Pacific while also supporting and improving its efforts to reduce huge poverty.
ADB was established throughout Asia and the Pacific to alleviate poverty and promote economic growth, development, and mutual assistance. It encourages social and economic growth and development in participating countries through loans, grants, and technical assistance. It has 68 members, 49 of which are from the Asia-Pacific region.
History of ADB
- The ADB concept was conceived in the early 1960s. Following that, during the 1963 First Ministerial Conference on Asian Economic Cooperation, a decision was reached to form the ADB.
- ADB was founded on December 19, 1966, with a 31-member committee, and Takeshi Watanabe was the first president. In the early phases, ADB focused heavily on food processing and agricultural growth.
- The Asian Development Fund was formed in 1974 to make low-interest loans available to the poorest member countries.
- In 1982, the first field office in Bangladesh was formed to reach closer to the people who needed it the most.
- During the region’s financial crisis in mid-1997, it began programmes to improve the banking industry, such as numerous projects to assure social safety for the poor and boost financial sectors. This includes granting the largest loan to the Republic of Korea, at $4 billion.
- In 2004, it spent more than $850 million to rebuild Tsunami-ravaged districts in India, Sri Lanka, the Maldives, and Indonesia.
- To address the region’s expanding demands, a new global policy structure known as ‘Strategy 2020’ was launched in 2008.
- In 2014, a mid-term systematic review of “Strategy 2020” was published. Several operational enhancements were implemented to optimise procedures to increase efficiency, increase internal capacity, and adapt to the changing business environment.
Objectives of ADB
- The ADB’s primary mission is to help member countries build their economies while decreasing poverty.
- Second, the social and economic development of the country coexist. Both are equally responsible for progress.
- The Asian Development Bank’s mission is to promote human development.
- Finally, they positioned themselves as advocates for women in all situations and for enhancing their status in society.
Areas of Focus
The following areas are prioritised by ADB operations:
- Regional integration
- Finance Sector development
- Climate Change
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