The Asian Development Bank (ADB) formed on 19 December, 1966 as financial institution to foster economic growth as well as economic cooperation in one of the poorest regions of the world. During its embryonic period, Manila (Capital City of Philippines) was chosen as it’s headquarter. It is consists of 67 member countries in which 48 are from Asia and the Pacific region and rest are from outside. This organization was founded with a prime motive to serve predominantly agricultural region.
Functional Areas of Asian Development Bank (ADB)
The prime function of ADB is to make Asia and Pacific region free from poverty. So it work as partner with member countries, independent specialists and other financial institutions that help them to deliver their projects in developing member state in order to create economic and development impact.
ADB’s lending is concentrated public sector lending in five operational areas.
Members of Asian Development Bank
ADB is consists of 67 member countries in which 48 are from Asia and the Pacific region and rest are from outside. Its regional and non-regional members are given below:
China, People's Republic of
Hong Kong, China
Korea, Republic of
Micronesia, Federated States of
Papua New Guinea