- Important International institutions, agencies and fora, their structure, mandate.
Asian Development Bank (ADB)
What to study?
For Prelims and mains: ADB- role, mandate, funding and significance.
Context: GoI has signed a 190 million USD loan with the Asian Development Bank (ADB) to upgrade road transport in the state of Rajasthan.
- It is a regional development bank
- established on 19 December 1966.
- headquartered — Manila, Philippines.
- official United Nations Observer.
The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
It is modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
Roles and functions:
- ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
- This is carried out through investments – in the form of loans, grants and information sharing – in infrastructure, health care services, financial and public administration systems, helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas.
Sources: the Hindu.