ASIAN DEVELOPMENT BANK
- November 29, 2020
- Posted by: OptimizeIAS Team
- Category: DPN Topics
Subject: International Organization
Context: The Asian Development Bank has approved a $300 million policy-based loan to Pakistan to help promote macroeconomic stability in the cash-strapped country.
- ADB is a regional development bank established on 19th December 1966.
- ADB now has 68 members, 49 from within Asia.
- 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.