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ADB Full Form - Asian Development Bank
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ADB-Asian Development Bank
- ADB stands for Asian Development Bank. It's a regional development bank that's Asian in character. It had been established to reduce poverty and foster economic growth and cooperation in Asia and therefore the Pacific.
- It assists within the socio-economic development in member countries by providing loans, grants and technical assistance.
- Its 67 members, 48 of which are from Asia and Pacific region.
- It's headquartered at Mandaluyong, Philippines and as of July 2017, Takehiko Nakao is that the president of ADB.
ADB Areas of Focus
- Following are the areas on which ADB operations give prominence,
- Regional integration
- Finance Sector development
ADB Areas of Focus
- The idea of Asian Development Bank conceived within the early 1960s. Later, a resolution was passed at the primary Ministerial Conference on Asian Economic Cooperation in 1963 to establish the ADB.
- On 19 December 1966, ADB was established with 31 members and Takeshi Watanabe as its first President. Within the beginning, ADB was focused on food production and rural development.
- In 1970, ADB's first bond issue worth $16.7 million issued in Japan.
- In 1974, Asian Development Fund was established to supply low-interest loans to the poorest member countries.
- In 1982, it opened its first field office in Bangladesh to return closer to the people in need.
- In mid-1997, during severe financial crisis within the region, it started projects to strengthen the financial sector, i.e. It approved its largest single loan worth $4 billion to the Republic of Korea.
- In 2004, it spent quite $800 million for the recovery of areas hit by Tsunami in Sri Lanka , India, Indonesia and Maldives.
- In 2008, it launched a replacement long-term strategy framework 'Strategy 2020' to reply to the changing needs of the region.
- In 2014, a midterm review of the Strategy 2020 was released and various organizational changes were introduced to boost the business processes and to become stronger and better.