Recently, on Friday, a loan pact was signed between the Asian Development Bank (ADB) and India, under which ADB will extend a $400-million policy-based loan to the Indian government to support its urban reform agenda for creating quality urban infrastructure, improving service delivery, and promoting efficient governance systems,
The Asian Development Bank (ADB) is a regional development bank that was established on December 19, 1966. It is headquartered in Manila, Philippines, and has the primary mission of promoting economic and social development in the Asia-Pacific region.
ADB operates as a multilateral development finance institution and provides loans, grants, and technical assistance to its member countries.
Membership: ADB has 68 members, including 49 regional members and 19 non-regional members. The majority of its members are from the Asia-Pacific region.
Governance: The highest decision-making body of the ADB is the Board of Governors, which consists of representatives from all member countries. The Board of Governors meets annually to discuss and decide on major policy issues and oversee the day-to-day operations.
Focus Areas: ADB's primary focus areas include poverty reduction, infrastructure development, and regional cooperation and integration. It supports projects in sectors such as energy, transportation, education, health, and environmental sustainability.
Financial Instruments: ADB provides financial assistance through a variety of instruments, including loans, grants, guarantees, and technical assistance. It also partners with other organizations and private sector entities to leverage additional resources for development projects.
Regional and Country Offices: ADB has a decentralized structure with regional and country offices to facilitate better coordination and implementation of projects. These offices work closely with the governments and stakeholders in the countries where ADB operates.
Sustainable Development Goals (SDGs): ADB aligns its activities with the United Nations Sustainable Development Goals to address various global challenges, including poverty, inequality, climate change, and sustainable development.
Publications and Research: ADB produces a range of reports, publications, and research on economic and development issues in the Asia-Pacific region. It also organizes events and conferences to promote knowledge sharing and collaboration.
Overall, the Asian Development Bank plays a crucial role in fostering economic growth and development in its member countries through its financial and technical support, policy advice, and capacity-building initiatives.
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