ADB (Asian Development Bank) established in 1966 for poverty reduction in the Asia-pacific regions. it began with 31 member country and at present, it has 67 countries covering both regional and non-regional areas. Along which 48 countries are from Asia and Pacific i.e. regional members and 19 are from non-regional areas such as developed western countries. The headquarter of this Bank is in Manilla, the Philippines. It has 31 offices. Japan has the highest share . This bank have arranged on ADB-Japan scholarship program in which it enrolls 300 students from 10 Asian countries annually.
Voting power is directly proportional to the Capital subscription. Japan have the highest share of 15.60 % and this is the reason why the majority of Japanese found as a president of ADB and US are in the second number and third is China and India is in 4th rank.
Target Loan Areas
ADB provides both hard and soft loans and its main focus areas are as under:
c) Regional integration for peace and stability
d) Finance Sector development for encouraging economic growth
f) Goals of ADB
g) Boost economic production
h) Strike out poverty
i) Human resource development
j) Women status improvement
k) Environment protection
l) Currently projects
m) Earthquake and Tsunami Emergency support project located in Indonesia
n) Colombo Harbour Expansion project
o) Afghan Diaspora project
ADB contribution in India
This bank has currently provided loans for two areas i.e. for building a bridge across The Ganga in Bihar and another contribution is in the Tejeswani project in Jammu and Kashmir.
Like another bank, this bank has also got it's earning from the Interest. This banks increase it funds via bond issues on world's Capital market. It also has special funds, loans. This bank provides loans at very low interest which will be very beneficial for the countries that continuously need loans.
Important current affair news of ADB bank
President of ADB bank is Takehiko Nakao recently proposed that ADB has risen to lend to India by 50% to $12 billion by 2018. Previously India was getting 8$ billion.
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