Topics Covered: Important International institutions, agencies and fora, their structure, mandate.
Asian Development Bank (ADB)
The Asian Development Bank (ADB) has appointed Election Commissioner Ashok Lavasa as its vice-president (V-P) for private sector operations and public-private partnerships.
About ADB:
It is a regional development bank
established on 19 December 1966.
headquartered — Manila, Philippines.
official United Nations Observer.
Membership: 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.
- Currently, it has 68 members.
Voting rights:
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.
InstaLinks:
Prelims Link:
- Who appoints President and VPs of ADB.
- Headquarters of ADB.
- Voting rights of ADB members.
- How is it different from world bank?
- Who can be members of ADB.
Sources: pib.
