Asian Development Bank (ADB)

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