ASIAN DEVELOPMENT BANK:
The Asian Development Bank (ADB) is an international development finance institutions, established in 1966 and constituted of 67 member states, 48 of which are Asian countries, whose mission is to promote economic growth and cooperation in Asia. The Bank has its headquarters in Manila, the Philippines, and operates via the activities and support of its 27 field offices, ADB pursues three complemnentary strategy- social and economie development of member countries, environmentally sustainable growth an regional integration - with the overall objective of reducing poverty in Asia and the Pacific.
The primary tools used to achieve these objectives include loans, technical assistance, direct investment financing and the promotion of a political dialogue between member states. The Asian Development Fund was created in 1973 in order to provide loans with lower than market interest rates as well as credit to those countries with a limited capacity to repay their debts. After the Bank's reform in 2008, it is pursuing the main goals of economic growth, environmental sustainable development and regional integration.
Organisation: The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The Board of Governors, in turn, elect among themselves the twelve members of the Board of Directors and their deputies. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.The Board of Governors also elect the bank's president, who is the chairperson of the Board of Directors and manages ADB.
Focus Area: Eighty percent of ADB's lending is concentrated public sector lending in major operational areas:
ADB stands for which of the following? | |||
Right Option : A | |||
View Explanation |
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