Asian Development Bank

Subject – IR

Context – India seeks vaccine loans from ADB and AIIB

Concept –

ADB is a regional development bank established on 19th December 1966.
ADB now has 68 members, 49 from within Asia. India is a founding member.
- 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.
ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).
It aims to promote social and economic development in Asia.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
ADB is headquartered in Manila, Philippines.
It is official United Nations Observer.
Voting rights are modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.