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Asian Development Bank (ADB)

Posted on September 22, 2022 by admin1  61

In News

  • Recently, the Asian Development Bank (ADB) has pared  its 2022-23 growth projection for India’s economy to 7% from 7.5% estimated in April, terming it a “modest downward revision”.
    • The downward revision is driven by higher-than-anticipated inflation and monetary tightening.

Asian Development Bank (ADB)

  • About: 
    • It is a regional development bank established on 19th December 1966.The ADB  was modelled closely on the World Bank.
  • Aim: 
    • To promote social and economic development in Asia. It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
    • ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
  • Headquarter: Manila, Philippines.
  • Members: 68 members, 49 from within Asia.
    • Japan holds the largest proportion of shares in ADB followed by the USA, because Japan is one of the largest shareholders of the bank, the president has always been Japanese.
    • ADB is an official United Nations Observer.

Source:TH

 
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