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The ADB board of governors from 67 member nations will meet for the bank’s 51st annual meeting and deliberate on the theme – ‘Linking people and economies for inclusive development’.
FACTS FOR PRELIMS
About the Bank
The Asian Development Bank (ADB) is an international development finance institution dedicated to reducing poverty in Asia and the Pacific through loans, grants, research and technical assistance to its member countries, as well as investments in private companies.
The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP ) and non-regional developed countries. ADB is an official United Nations Observer
The ADB was modelled 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.
The headquarters of the bank is at Manila, Philippines.
The ADB ‘Strategy 2030’ for achieving a prosperous, inclusive and resilient and sustainable Asia is likely to be adopted by the multilateral lender later this year. Under Strategy 2030, ADB will sustain its efforts to eradicate extreme poverty, given the region’s unfinished poverty agenda, and expand its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, the bank said.
Source-The Economic Times.