Asian Development Bank (ADB)

History

Asian Development Bank was envisioned in the course of the post war rehabilitation & reconstruction efforts of early 1960s. The vision was of a financial institution that would be Asian in character & promote economic growth & cooperation in the area - then one of the poorest in the world.

A resolution was passed at the 1st Ministerial Conference on Asian Economic Cooperation held by United Nations Economic Commission for Asia & the Far East in the year 1963 that set that vision on the way to becoming reality.

Overview

Since its origin in 1966, Asian Development Bank has been driven by a dedication and inspiration to improving lives of people in Asia & the Pacific. By targeting our investments shrewdly, in joint venture with our developing member countries & stakeholders, we can assuage poverty & help create a world in which everybody can share in the benefits of inclusive and sustained growth.

The main devices for assistance are:

• Loans
• Policy dialogue
• Grants
• Equity investments
• Technical assistance

Into the 21st century

A new focus has been laid by ADB on helping its developing members accomplish the Millennium Development Goals & making development more successful. In the year 2003, a severe acute respiratory syndrome epidemic hit the region, making it apparent that fighting contagious diseases requires regional cooperation. Asian Development Bank began providing support at regional and national levels to assist countries so that they could more efficiently respond to avian influenza & the growing threat of AIDS/HIV.

Asian Development Bank also had to respond to unparalleled natural disasters, entrusting more than $850 million for revival in areas of Indonesia, India, Sri Lanka and Maldives hit by the Dec 2004 Asian Tsunami. Additionally, a $1 billion line of support to help victims of the Oct 2005 earthquake in Pakistan was set up.

In the year 2008, the Board of Directors of Asian Development Bank approved Strategy 2020: The Long - Term Strategic Framework of Asian Development Bank 2008 - 2020, a policy document steering its operations to the year 2020.

In the year 2009, the Board of Governors of Asian Development Bank agreed to triple the capital base of Asian Development Bank from $ 55 billion to $ 165 billion, giving it much wanted resources to react to the global economic crisis. The increase of 200% is the largest in history of Asian Development Bank, and the 1st since the 1994 100 % capital increase.

Source: http://www.adb.org/