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'{{short description|Regional development bank}} {{Use dmy dates|date=November 2020}} {{Infobox organization | name = Asian Development Bank | image = Asian Development Bank logo.svg | image_border = | size = | caption = | map = | msize = | mcaption = | abbreviation = ADB | formation = {{Start date and age|1966|12|19|df=yes}} | extinction = | type = Multilateral Development Bank | status = Treaty | purpose = Social and Economic Development | headquarters = [[Mandaluyong]], [[Philippines]] | region_served = [[Indo-Pacific]] | membership = 68 countries | leader_title = President | leader_name = [[Masatsugu Asakawa]] (from 17 January 2020)<ref>{{Cite web |date=2 December 2019 |title=Masatsugu Asakawa Elected ADB President |url=https://www.adb.org/news/masatsugu-asakawa-elected-adb-president |access-date=2 December 2019 |archive-date=7 December 2019 |archive-url=https://web.archive.org/web/20191207111902/https://www.adb.org/news/masatsugu-asakawa-elected-adb-president |url-status=live }}</ref> | main_organ = Board of Governors<ref>[http://www.adb.org/about/board-governors About: Management] {{Webarchive|url=https://web.archive.org/web/20200623002226/https://www.adb.org/about/board-governors |date=23 June 2020 }}, ''adb.org''.</ref> | parent_organization = | affiliations = | num_staff = 3,092<ref name="nos">{{Cite book |title=ADB Annual Report 2016 |url=https://www.adb.org/documents/adb-annual-report-2016 |website=Asian Development Bank |year=2017 |doi=10.22617/FLS178712 |isbn=9789292577742 |access-date=8 February 2018 |archive-date=25 June 2020 |archive-url=https://web.archive.org/web/20200625091736/https://www.adb.org/documents/adb-annual-report-2016 |url-status=live }}</ref> | num_volunteers = | budget = | website = {{URL|https://www.adb.org}} | remarks = }} [[File:Asian Development Bank.png|right|thumb|300px|Asian Development Bank member states {{legend|#0000ff|Outside regions}} {{legend|#008000|Asia-Pacific region}}]] The '''Asian Development Bank''' ('''ADB''') is a [[Multilateral development bank|regional development bank]] established on 19 December 1966,<ref>{{Cite web |title=ADB History |url=http://www.adb.org/about/history |access-date=2015-11-26 |publisher=adb.org |archive-date=29 January 2016 |archive-url=https://web.archive.org/web/20160129195803/http://www.adb.org/about/history |url-status=live }}</ref> which is headquartered in the [[Ortigas Center]] located in the city of [[Mandaluyong]], [[Metro Manila]], [[Philippines]]. The bank also maintains 31 field offices around the world<ref>{{Cite web |title=Departments and Offices |url=http://www.adb.org/about/departments-offices#tabs-0-1 |access-date=2015-11-26 |publisher=adb.org |archive-date=17 March 2012 |archive-url=https://web.archive.org/web/20120317022549/http://www.adb.org/about/departments-offices#tabs-0-1 |url-status=live }}</ref> to promote social and [[economic development]] in Asia. The bank admits the members of the [[United Nations Economic and Social Commission for Asia and the Pacific|UN Economic and Social Commission for Asia and the Pacific]] (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE), and non-regional [[Developed country|developed countries]].<ref name="Ming Wan">{{Cite journal |last=Ming |first=Wan |date=Winter 1995–1996 |title=Japan and the Asian Development Bank |url=http://hir.harvard.edu/article-authors/ming-wan |url-status=dead |journal=Pacific Affairs |publisher=University of British Columbia |volume=68 |issue=4 |pages=509–528 |doi=10.2307/2761274 |jstor=2761274 |archive-url=https://web.archive.org/web/20110807123335/http://hir.harvard.edu/article-authors/ming-wan |archive-date=2011-08-07}}</ref> Starting with 31 members at its establishment, ADB now has 68 members. The ADB was modeled closely on the [[World Bank]] and has a similar weighted voting system, where votes are distributed in proportion with members' capital subscriptions. ADB releases an annual report that summarizes its operations, budget, and other materials for review by the public.<ref>{{Cite web |last=Anonymous |title=ADB Annual Reports |url=http://www.adb.org/documents/series/adb-annual-reports |access-date=2015-11-26 |website=Asian Development Bank |publisher=adb.org |archive-date=26 November 2015 |archive-url=https://web.archive.org/web/20151126112031/http://www.adb.org/documents/series/adb-annual-reports |url-status=live }}</ref> The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. After completing their study programs, scholars are expected to contribute to the economic and social development of their home countries.<ref>{{Cite web |date=12 October 2017 |title=Scholarship Program: List of Academic Institutions |url=https://www.adb.org/site/careers/japan-scholarship-program/jsp-institutions |website=Asian Development Bank |access-date=28 April 2017 |archive-date=19 May 2017 |archive-url=https://web.archive.org/web/20170519044346/https://www.adb.org/site/careers/japan-scholarship-program/jsp-institutions |url-status=live }}</ref> ADB holds the status of an official [[United Nations]] Observer.<ref>{{Cite web |title=Intergovernmental Organizations |url=https://www.un.org/en/sections/member-states/intergovernmental-organizations/index.html |website=www.un.org |access-date=28 April 2017 |archive-date=23 May 2017 |archive-url=https://web.archive.org/web/20170523053652/http://www.un.org/en/sections/member-states/intergovernmental-organizations/index.html |url-status=live }}</ref> As of 31 December 2020, [[Japan]] and the [[United States]] each holds the largest proportion of shares at 15.571%. [[China]] holds 6.429%, [[India]] holds 6.317%, and [[Australia]] holds 5.773%.<ref>{{Cite web |title=Shareholders |url=https://www.adb.org/sites/default/files/institutional-document/237881/oi-appendix1.pdf |url-status=dead |archive-url=https://web.archive.org/web/20170803171248/https://www.adb.org/sites/default/files/institutional-document/237881/oi-appendix1.pdf |archive-date=2017-08-03 |access-date=2015-11-26 |website=Asian Development Bank |publisher=adb.org}}</ref> ADB bank 266272627262763737373737737373 million 2562626262727726272727277 budget 1561526262726276272627262726 million 267262726272772722727267272 budget million 26262772 million 25262627262762726272627262726727227 budget 15625266272728820287282829902 million 5161527262726726272627267337 budget million 61617252726272662726273737 million 1561526257262720037893883 budget p5265262662662636367373737 million 26627252726272673737373737 million 51625262562627363736373637 budget 1445354657887888878888899999 million 62637363736736373637636373 budget million 73635376373637363737 million 625275272628628263837383783 budget 62626262627627262726273373773 million 51515156152626272572626262 budget million p2345454556565757677 million 6262625262626672627627262727 million 2652726272627262726722773 budget 73747377383638377373736373 million 1551562626262762626262662 budget million 73737367363837373737 million 377373673738373837377373773 budget 2762826286282628268373837737 million 62622772628272827826282727 budget million 62627622672728389299 million 62625272666262672627277282 budget 72627627262752726726272672 million 0272927826282628267262827 budget million p62625752751716762627 million 6251715176171517267262726276262 million 56252762727262726272728828 budget 155525272672627 million 516571571671627267/627626262626 budget million 26626226626262626727272267262727 million 52652715276282638278263837 budget 5161517571618268272927292782 million ==Organization== [[File:President Rodrigo Roa Duterte at the 51st ADB Annual Meeting.jpg|300px|thumb|right|President Rodrigo Duterte pose for a photo with ADB President [[Takehiko Nakao]] and other officials of ADB during the 51st ADB Annual Meeting in Ortigas Center, Mandaluyong, Philippines on May 5, 2018.]] The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.<ref>{{Cite web |title=Board of Directors |url=http://www.adb.org/about/board-directors |access-date=2015-11-26 |website=Asian Development Bank |publisher=adb.org |archive-date=6 December 2015 |archive-url=https://web.archive.org/web/20151206062514/http://www.adb.org/about/board-directors |url-status=live }}</ref> The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. The president has a term of office lasting five years, and may be re-elected. Traditionally, and because [[Japan]] is one of the largest shareholders of the bank, the president has always been Japanese. The current president is [[Masatsugu Asakawa]]. He succeeded [[Takehiko Nakao]] on 17 January 2020,<ref>{{Cite web |date=2020-01-17 |title=New ADB President Masatsugu Asakawa Assumes Office |url=https://www.adb.org/news/new-adb-president-masatsugu-asakawa-assumes-office |access-date=2020-01-24 |website=Asian Development Bank |language=en |archive-date=17 January 2020 |archive-url=https://web.archive.org/web/20200117060046/https://www.adb.org/news/new-adb-president-masatsugu-asakawa-assumes-office |url-status=live }}</ref> who succeeded [[Haruhiko Kuroda]] in 2013.<ref>{{Cite web |title=New ADB President Takehiko Nakao Assumes Office |url=http://www.adb.org/news/new-adb-president-takehiko-nakao-assumes-office |website=Asian Development Bank |date=28 April 2013 |access-date=29 April 2013 |archive-date=17 September 2020 |archive-url=https://web.archive.org/web/20200917163419/https://www.adb.org/news/new-adb-president-takehiko-nakao-assumes-office |url-status=live }}</ref> The headquarters of the bank is at 6 ADB Avenue, [[Mandaluyong]], [[Metro Manila]], [[Philippines]],<ref>"[http://www.adb.org/contacts Contacts]." ([https://web.archive.org/web/20120226103341/http://beta.adb.org/contacts/main Archive]) Asian Development Bank. Retrieved on April 21, 2015. "6 ADB Avenue, Mandaluyong 1550, Philippines"</ref><ref>"[http://www.adb.org/contacts/main Contacts: How to Visit ADB] {{Webarchive|url=https://web.archive.org/web/20201223224755/http://www.adb.org/contacts/main |date=23 December 2020 }}." ([https://web.archive.org/web/20151007055302/http://beta.adb.org/sites/default/files/ADB-Map.pdf Archive]) Asian Development Bank. Retrieved on April 21, 2015.</ref> and it has 42 field offices in Asia and the Pacific and representative offices in [[Washington, D.C.|Washington]], [[Frankfurt]], [[Tokyo]] and [[Sydney]]. The bank employs about 3,000 people, representing 60 of its 68 members.<ref>{{Cite web |title=Key Facts |url=http://www.adb.org/about/key-facts |access-date=2015-11-26 |website=Asian Development Bank |publisher=adb.org |archive-date=2 May 2017 |archive-url=https://web.archive.org/web/20170502035111/https://www.adb.org/about/key-facts |url-status=live }}</ref> ===List of presidents=== {| class="wikitable" |- ! Name ! Dates ! Nationality |- | [[Takeshi Watanabe (bureaucrat)|Takeshi Watanabe]] | 1966–1972 | {{JPN}}ese |- | Shiro Inoue | 1972–1976 | {{JPN}}ese |- | Taroichi Yoshida | 1976–1981 | {{JPN}}ese |- | Masao Fujioka | 1981–1989 | {{JPN}}ese |- | Kimimasa Tarumizu | 1989–1993 | {{JPN}}ese |- | Mitsuo Sato | 1993–1999 | {{JPN}}ese |- | [[Tadao Chino]] | 1999–2005 | {{JPN}}ese |- | [[Haruhiko Kuroda]] | 2005–2013 | {{JPN}}ese |- | [[Takehiko Nakao]] | 2013–2020 | {{JPN}}ese |- | [[Masatsugu Asakawa]] (*) |2020–present | {{JPN}}ese |} <small>(*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.</small><ref>ADB, '[https://www.adb.org/news/new-adb-president-masatsugu-asakawa-assumes-office New ADB President Masatsugu Asakawa Assumes Office'] {{Webarchive|url=https://web.archive.org/web/20200117060046/https://www.adb.org/news/new-adb-president-masatsugu-asakawa-assumes-office |date=17 January 2020 }}, News Release, 17 January 2020.</ref> ==History== ===1960s=== As early as 1956, Japan [[Ministry of Finance (Japan)|Finance Minister]] [[Hisato Ichimada]] had suggested to [[United States Secretary of State]] [[John Foster Dulles]] that development projects in Southeast Asia could be supported by a new financial institution for the region. A year later, [[Prime Minister of Japan|Japanese Prime Minister]] [[Nobusuke Kishi]] announced that Japan intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. But the US did not warm to the plan and the concept was shelved. See full account in "[https://www.adb.org/publications/50-years-adb Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank]," July 2017. The idea came up again late in 1962 when Kaoru Ohashi, an economist from a research institute in Tokyo, visited [[Takeshi Watanabe (bureaucrat)|Takeshi Watanabe]], then a private financial consultant in [[Tokyo]], and proposed a study group to form a development bank for the Asian region. The group met regularly in 1963, examining various scenarios for setting up a new institution and drew on Watanabe's experiences with the [[World Bank]]. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a young Thai economist, Paul Sithi-Amnuai. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp.&nbsp;65). Despite an initial mixed reaction, support for the establishment of a new bank soon grew. An expert group was convened to study the idea, with Japan invited to contribute to the group. When Watanabe was recommended, the two streams proposing a new bank—from ECAFE and Japan—came together. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by [[President of the United States|United States President]] [[Lyndon B. Johnson]] in the wake of the escalating U.S. military support for the government of [[South Vietnam]]. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. However, eight other cities had also expressed an interest: [[Bangkok]], [[Colombo]], [[Kabul]], [[Kuala Lumpur]], [[Manila]], [[Phnom Penh]], [[Singapore]], and [[Tehran]]. To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." (Asian Development Bank publication, "Towards a New Asia", 1977, p.&nbsp;16) As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. Japanese Prime Minister [[Eisaku Satō]] asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the special funds. In contrast, the United States contributed only $1.25 million to the special fund.<ref name="Ming Wan" /> After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. At the time, Asia was one of the poorest regions in the world.<ref name="admin">{{Cite web |title=ADB History |url=http://www.adb.org/about/history |access-date=2015-12-21 |website=Asian Development Bank |publisher=adb.org |archive-date=29 January 2016 |archive-url=https://web.archive.org/web/20160129195803/http://www.adb.org/about/history |url-status=live }}</ref> Early loans went largely to [[Indonesia]], [[Thailand]], [[Malaysia]], [[South Korea]] and the [[Philippines]]; these countries accounted for 78.48% of the total ADB loans between 1967 and 1972. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968.<ref name="Ming Wan" /> Watanabe served as the first ADB president to 1972.<ref name="KapurLewis">{{Cite book |last1=Devesh Kapur |url=https://books.google.com/books?id=suOGRlBoPgQC&pg=PA304 |title=The World Bank: Perspectives |last2=John Prior Lewis |last3=Richard Charles Webb |date=2010-12-01 |publisher=Brookings Institution Press |isbn=978-0-8157-2014-0 |pages=304–}}</ref><ref name="Magill2014">{{Cite book |last=Frank N. Magill |url=https://books.google.com/books?id=ySJpAwAAQBAJ&pg=PA891 |title=Chron 20c Hist Bus Comer |date=23 April 2014 |publisher=Routledge |isbn=978-1-134-26462-9 |pages=891–}}</ref> ===1970s–1980s=== In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. ADB focused on improving roads and providing electricity. When the world suffered its first [[price of oil|oil price]] shock, ADB shifted more of its assistance to support energy projects, especially those promoting the development of domestic energy sources in member countries.<ref name="admin" /> Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and the Pacific. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. In 1982, ADB opened its first field office, in [[Bangladesh]], and later in the decade, it expanded its work with non-government organizations (NGOs).<ref name="admin" /> Japanese presidents Inoue Shiro (1972–76) and Yoshida Taroichi (1976–81) took the spotlight in the 1970s. Fujioka Masao, the fourth president (1981–90), adopted an assertive leadership style, launching an ambitious plan to expand the ADB into a high-impact development agency. On November 18, 1972, the Bank inaugurated its headquarters along [[Roxas Boulevard]] in [[Pasay City]], [[Philippines]]. In the early 1990s, ADB moved its offices to [[Ortigas Center]] in [[Pasig City]], with the [[Department of Foreign Affairs (Philippines)]] taking over its old Pasay premises. ===1990s=== In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. The decade also saw an expansion of ADB's membership with the addition of several Central Asian countries following the end of the Cold War.<ref name="admin" /> In mid-1997, ADB responded to the financial crisis that hit the region with projects designed to strengthen financial sectors and create social safety nets for the poor. During the crisis, ADB approved its largest single loan – a $4 billion emergency loan to South Korea. In 1999, ADB adopted poverty reduction as its overarching goal.<ref name="admin" /> ===2000s=== The early 2000s saw a dramatic expansion of private sector finance. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. Over the course of the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the ADB. This culminated with the Board's formal recognition of these achievements in March 2008, when the Board of Directors formally adopted the Long Term Strategic Framework (LTSF). That document formally stated that assistance to private sector development was the lead priority of the ADB and that it should constitute 50% of the bank's lending by 2020. In 2003, the [[severe acute respiratory syndrome]] (SARS) epidemic hit the region and ADB responded with programs to help the countries in the region work together to address infectious diseases, including [[avian influenza]] and HIV/[[AIDS]]. ADB also responded to a multitude of natural disasters in the region, committing more than $850 million for recovery in areas of India, Indonesia, [[Maldives]], and Sri Lanka which were impacted by the [[2004 Indian Ocean earthquake and tsunami]]. In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan.<ref name="admin" /> In December 2005, China donated $20 million to the ADB for a regional poverty alleviation fund; China's first such fund set up at an international institution.<ref>{{Cite book |last=Zhao |first=Suisheng |url=https://www.worldcat.org/oclc/1332788951 |title=The dragon roars back : transformational leaders and dynamics of Chinese foreign policy |date=2023 |publisher=[[Stanford University Press]] |isbn=978-1-5036-3415-2 |location=Stanford, California |pages=70 |oclc=1332788951}}</ref> In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the [[Financial crisis of 2007–2008|global economic crisis]]. The 200% increase is the largest in ADB's history, and was the first since 1994.<ref name="admin" /> ===2010s=== Asia moved beyond the economic crisis and by 2010 had emerged as a new engine of global economic growth though it remained home to two-thirds of the world's poor. In addition, the increasing prosperity of many people in the region created a widening [[income gap]] that left many people behind. ADB responded to this with loans and grants that encouraged economic growth.<ref name="admin" /> In early 2012, the ADB began to re-engage with [[Myanmar]] in response to reforms initiated by the government. In April 2014, ADB opened an office in [[Myanmar]] and resumed making loans and grants to the country.<ref name="admin" /> In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). The result was to expand the OCR balance sheet to permit increasing annual lending and grants to $20 billion by 2020 — 50% more than the previous level.<ref name="admin" /> In 2020, ADB gave a $2 million grant from the Asia Pacific Disaster Response Fund, to support the [[Armenia]]n government in the fight against the spread of [[COVID-19 pandemic]]. In the same year, the ADB committed a $20 million loan to Electric Networks of Armenia, that will ensure electricity for the citizens during the pandemic, as well as approved $500,000 in regional technical assistance to procure personal protective equipment and other medical supplies.<ref name="ASIAN DEVELOPMENT BANK MEMBER FACT SHEET">{{cite web |title=Asian Development Bank |url=https://www.adb.org/sites/default/files/publication/27749/arm-2020.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.adb.org/sites/default/files/publication/27749/arm-2020.pdf |archive-date=2022-10-09 |url-status=live |website=adb.org}}</ref> ==Objectives and activities== ===Aim=== The ADB defines itself as a [[Social change|social development]] organization that is dedicated to reducing [[poverty]] in Asia and the Pacific through inclusive [[economic growth]], environmentally [[sustainable growth]], and [[regional integration]]. This is carried out through [[investment]]s – in the form of loans, grants and information sharing – in infrastructure, health care services, financial and public administration systems, helping countries prepare for the impact of [[climate change]] or better [[natural resource management|manage their natural resources]], as well as other areas. ===Focus areas=== Eighty percent of ADB's lending is concentrated public sector lending in five operational areas.<ref>{{Cite web |title=Core Operational Areas |url=http://www.adb.org/about/core-operational-areas |access-date=2015-12-14 |website=Asian Development Bank |date=30 March 2014 |publisher=adb.org |archive-date=22 December 2015 |archive-url=https://web.archive.org/web/20151222112203/http://www.adb.org/about/core-operational-areas |url-status=live }}</ref> * [[Education]] – Most developing countries in Asia and the Pacific have earned high marks for a dramatic rise in primary education enrollment rates in the last three decades, but daunting challenges remain, threatening economic and social growth.<ref>{{Cite web |title=Education |url=http://www.adb.org/sectors/education/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=9 December 2015 |archive-url=https://web.archive.org/web/20151209153540/http://www.adb.org/sectors/education/main |url-status=live }}</ref> * Environment, Climate Change, and Disaster Risk Management – [[Environmental sustainability]] is a prerequisite for economic growth and poverty reduction in Asia and the Pacific.<ref>{{Cite web |title=Environment, Climate Change, and Disaster Risk Management |url=http://www.adb.org/themes/environment/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=6 November 2015 |archive-url=https://web.archive.org/web/20151106085622/http://www.adb.org/themes/environment/main |url-status=live }}</ref> * Finance Sector Development – The financial system is the lifeline of a country's economy. It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. Financial sector and capital market development, including microfinance, small and medium-sized enterprises, and regulatory reforms, is vital to decreasing poverty in Asia and the Pacific. This has been a key priority of the Private Sector Operations Department (PSOD) since 2002. One of the most active sub-sectors of finance is the PSOD's support for trade finance. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world.<ref>{{Cite web |title=Finance Sector Development |url=http://www.adb.org/sectors/finance/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=13 December 2015 |archive-url=https://web.archive.org/web/20151213105907/http://www.adb.org/sectors/finance/main |url-status=live }}</ref> * Infrastructure, including transport<ref>{{Cite web |title=Sustainable Transport for All |url=http://www.adb.org/sectors/transport/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=14 January 2016 |archive-url=https://web.archive.org/web/20160114162633/http://www.adb.org/sectors/transport/main |url-status=live }}</ref> and communications,<ref>{{Cite web |title=Information and Communications Technology |url=http://www.adb.org/sectors/ict/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=26 October 2015 |archive-url=https://web.archive.org/web/20151026144116/http://www.adb.org/sectors/ict/main |url-status=live }}</ref> energy,<ref>{{Cite web |title=Energy |url=http://www.adb.org/sectors/energy/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=12 November 2015 |archive-url=https://web.archive.org/web/20151112194102/http://www.adb.org/sectors/energy/main |url-status=live }}</ref> water supply and sanitation,<ref>{{Cite web |title=Water for All |url=http://www.adb.org/sectors/water/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=20 February 2016 |archive-url=https://web.archive.org/web/20160220233108/http://www.adb.org/sectors/water/main |url-status=live }}</ref> and urban development.<ref>{{Cite web |title=Urban Development |url=http://www.adb.org/themes/urban-development/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=1 February 2017 |archive-url=https://web.archive.org/web/20170201090741/https://www.adb.org/themes/urban-development/main |url-status=live }}</ref> * Regional Cooperation and Integration – Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions.<ref>{{Cite web |title=Regional Cooperation and Integration |url=http://www.adb.org/themes/regional-cooperation/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=12 June 2016 |archive-url=https://web.archive.org/web/20160612181227/http://www.adb.org/themes/regional-cooperation/main |url-status=live }}</ref> * Private Sector Lending – This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. However, that effort was never a true priority until the administration of President Tadeo Chino who in turn brought in a seasoned American banker – Robert Bestani. From then on, the Private Sector Operations Department (PSOD) grew at a very rapid pace, growing from the smallest financing unit of the ADB to the largest in terms of financing volume. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. ==Financings== The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and "[[Soft loan|soft" loans]] with lower interest rates to poorer countries in the region. Based on a new policy, both types of loans will be sourced starting January 2017 from the bank's ordinary capital resources (OCR), which functions as its general operational fund.<ref>{{Cite web |publisher=Asian Development Bank |title=ADF-OCR Merger to Boost Support for Region's Poor |url=http://www.adb.org/news/adf-ocr-merger-boost-support-region-s-poor |access-date=2015-11-27 |date=2 May 2015 |website=adb.org |archive-date=27 December 2015 |archive-url=https://web.archive.org/web/20151227022519/http://www.adb.org/news/adf-ocr-merger-boost-support-region-s-poor |url-status=live }}</ref> The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its "non-sovereign" operations. ADB's operations in 2017, including grants and co-financing, totaled $28.9 billion.<ref>{{Cite web |publisher=Asian Development Bank |title=ADB news release |url=https://www.adb.org/news/adb-2017-operations-reach-289-billion |access-date=2018-01-12 |date=12 January 2018 |website=adb.org |archive-date=8 February 2018 |archive-url=https://web.archive.org/web/20180208123741/https://www.adb.org/news/adb-2017-operations-reach-289-billion |url-status=live }}</ref> ADB obtains its funding by issuing bonds on the world's capital markets. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans.<ref>{{Cite web |title=FAQs |url=http://www.adb.org/about/faqs |access-date=2015-11-27 |website=Asian Development Bank |publisher=adb.org |archive-date=10 December 2015 |archive-url=https://web.archive.org/web/20151210163207/http://www.adb.org/about/faqs |url-status=live }}</ref> {| class="wikitable sortable" style="text-align:right;float:left;" |+Five largest borrowing countries<ref name="AFS2016">{{Cite web |date=31 December 2016 |title=Management's Discussion and Analysis and Annual Financial Statements |url=https://www.adb.org/sites/default/files/institutional-document/414776/adb-financial-report-2016.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.adb.org/sites/default/files/institutional-document/414776/adb-financial-report-2016.pdf |archive-date=2022-10-09 |url-status=live |publisher=Asian Development Bank}}</ref><ref name="FR2017">{{Cite web |date=31 December 2018 |title=2018 FINANCIAL REPORT |url=https://www.adb.org/sites/default/files/institutional-document/496016/adb-financial-report-2018.pdf |archive-url=https://ghostarchive.org/archive/20221009/https://www.adb.org/sites/default/files/institutional-document/496016/adb-financial-report-2018.pdf |archive-date=2022-10-09 |url-status=live |publisher=Asian Development Bank}}</ref> !rowspan="2" |Country !!colspan="2"|2018 !!colspan="2"| 2017 !!colspan="2"|2016 !!colspan="2"| 2015 |- !$ million !!% !!$ million !!% !!$ million !!% !!$ million !!% |- |style="text-align:left;"|{{flag|China}} ||17,015 ||16.6 ||16,284 ||16.9||15,615 ||24.8 ||14,646 ||25.2 |- |style="text-align:left;"|{{flag|India}} ||16,115 ||15.7 ||14,720 ||15.2||13,331 ||21.2 ||12,916 ||22.2 |- |style="text-align:left;"|{{flag|Pakistan}} ||10,818 ||10.6 ||10,975 ||11.4 ||4,570 ||7.3 ||4,319 ||7.4 |- |style="text-align:left;"|{{flag|Indonesia}} ||10,356 ||10.1 ||9,393 ||9.7||8,700 ||13.8 ||8,214 ||14.1 |- |style="text-align:left;"|{{flag|Bangladesh}} ||9,169 ||8.9 ||8,685 ||9.0 ||- ||- ||- ||- |- |style="text-align:left;"|{{flag|Philippines}} ||- ||- ||- ||- ||5,935 ||9.4 || 5,525 ||9.5 |- |style="text-align:left;"|Others ||38,998 ||38.1 ||36,519 ||37.8 ||14,831 ||23.5 ||12,486 ||21.6 |- |style="text-align:left;"|Total ||102,470 ||100.0 ||96,577 ||100.0 ||62,983 ||100.0 ||58,106 ||100.0 |} {{clear}} ==Private sector investments== ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. ADB's participation is usually limited but it leverages a large amount of funds from commercial sources to finance these projects by holding no more than 25% of any given transaction.<ref>{{Cite web |title=Private Sector (Nonsovereign) Financing |url=http://www.adb.org/site/private-sector-financing/main |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=5 December 2015 |archive-url=https://web.archive.org/web/20151205234106/http://www.adb.org/site/private-sector-financing/main |url-status=live }}</ref> ==Co-financing== ADB partners with other development organizations on some projects to increase the amount of funding available. In 2014, $9.2 billion—or nearly half—of ADB's $22.9 billion in operations were financed by other organizations.<ref>{{Cite web |title=Official Cofinancing |url=http://www.adb.org/site/public-sector-financing/official-cofinancing |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=18 November 2015 |archive-url=https://web.archive.org/web/20151118190337/http://www.adb.org/site/public-sector-financing/official-cofinancing |url-status=live }}</ref> According to Jason Rush, Principal Communication Specialist, the Bank communicates with many other multilateral organizations. ==Funds and resources== More than 50 financing partnership facilities, trust funds, and other funds – totaling several billion each year – are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific.<ref>{{Cite web |title=Funds |url=http://www.adb.org/site/funds/funds |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=22 December 2015 |archive-url=https://web.archive.org/web/20151222112022/http://www.adb.org/site/funds/funds |url-status=live }}</ref> ADB has raised Rupees 5 billion or around Rupees 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. On 26 Feb 2020, ADB raises $118 million from rupee-linked bonds and supporting the development of [[India International Exchange]] in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $1 billion of outstanding bonds.<ref>{{Cite news |date=2020-02-26 |title=ADB raises $118 million from rupee-linked bonds |work=The Economic Times |url=https://economictimes.indiatimes.com/markets/bonds/adb-raises-118-million-from-rupee-linked-bonds/articleshow/74313917.cms |access-date=2020-03-23 |archive-date=7 January 2021 |archive-url=https://web.archive.org/web/20210107101339/https://economictimes.indiatimes.com/markets/bonds/adb-raises-118-million-from-rupee-linked-bonds/articleshow/74313917.cms |url-status=live }}</ref> ==Access to information== ADB has an information disclosure policy that presumes all information that is produced by the institution should be disclosed to the public unless there is a specific reason to keep it confidential. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents.<ref>{{Cite web |title=Overview |url=http://www.adb.org/site/disclosure/overview |access-date=2015-12-14 |website=Asian Development Bank |publisher=adb.org |archive-date=22 December 2015 |archive-url=https://web.archive.org/web/20151222100236/http://www.adb.org/site/disclosure/overview |url-status=live }}</ref> ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions.<ref>{{Cite web |title=Exceptions to Disclosure |url=http://www.adb.org/site/disclosure/public-communications-policy/exceptions |access-date=2015-12-14 |website=Asian Development Bank |date=9 September 2014 |publisher=adb.org |archive-date=22 December 2015 |archive-url=https://web.archive.org/web/20151222112902/http://www.adb.org/site/disclosure/public-communications-policy/exceptions |url-status=live }}</ref> ==Notable projects and technical assistance== * [[Afghanistan]]: Hairatan to Mazar-e-Sharif Railway Project<ref>{{Cite web |title=Hairatan to Mazar-i-Sharif railway {{!}} Railways of Afghanistan |url=http://www.andrewgrantham.co.uk/afghanistan/railways/hairatan-to-mazar-i-sharif/ |access-date=2015-11-27 |website=www.andrewgrantham.co.uk |archive-date=24 December 2017 |archive-url=https://web.archive.org/web/20171224182253/http://www.andrewgrantham.co.uk/afghanistan/railways/hairatan-to-mazar-i-sharif/ |url-status=live }}</ref> * [[Armenia]]: Water Supply and Sanitation Sector Project<ref>{{Cite web |title=Water Supply and Sanitation Sector Project – Additional Financing in Armenia: General Procurement Notice {{!}} Devex |url=https://www.devex.com/projects/tenders/water-supply-and-sanitation-sector-project-additional-financing-in-armenia-general-procurement-notice/7292 |access-date=2015-11-27 |website=www.devex.com |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413191710/https://servedbyadbutler.com/adserve/;MID=168518;type=v959fb862;placementID=2061094;setID=222869;channelID=0;CID=752267;BID=520980763;TAID=0;place=0;referrer=https%3A%2F%2Frp.liu233w.com%3A443%2Fhttps%2Fwww.devex.com%2Ffunding%2Fr%3Freport%3Dtender-7292;mt=1681413428838912;hc=172c1effc5cdeaed64e544587840628a43dd3bcf |url-status=live }}</ref> * [[Bhutan]]: Green Power Development Project<ref>{{Cite web |title=Proposed Green Power Development Project in Bhutan {{!}} Devex |url=https://www.devex.com/projects/tenders/proposed-green-power-development-project-in-bhutan/50258 |access-date=2015-11-27 |website=www.devex.com |archive-date=6 March 2016 |archive-url=https://web.archive.org/web/20160306133859/https://www.devex.com/projects/tenders/proposed-green-power-development-project-in-bhutan/50258 |url-status=live }}</ref> * [[India]]: Rural Roads Sector II Investment Program;<ref>{{Cite web |title=Government signs loan agreement with ADB for Rural Roads Sector II Investment Program–Project 4, Special Content – Association Releases – ConstructionBiz360 |url=http://www.constructionbiz360.com/article/45/2009090820090908180955234905dd67f/Government-signs-loan-agreement-with-ADB-for-Rural-Roads-Sector-II-Investment-Program%25E2%2580%2593Project-4.html |url-status=dead |archive-url=https://web.archive.org/web/20151208141532/http://www.constructionbiz360.com/article/45/2009090820090908180955234905dd67f/Government-signs-loan-agreement-with-ADB-for-Rural-Roads-Sector-II-Investment-Program%25E2%2580%2593Project-4.html |archive-date=2015-12-08 |access-date=2015-11-27 |website=www.constructionbiz360.com}}</ref> Agartala Municipal Infrastructure Development Project<ref>{{Cite web |title=India Project Notice |url=https://www.biddetail.com/projects/project-information/48745 |url-status=live |archive-url=https://web.archive.org/web/20230121112104/https://www.biddetail.com/projects/project-information/48745 |archive-date=21 January 2023 |access-date=21 January 2023 |website=Bid Detail}}</ref> * [[Indonesia]]: Vocational Education Strengthening Project<ref>{{Cite news |date=28 September 2012 |title=ADB supports vocational education in Indonesia |agency=[[Antara (news agency)|Antara]] |url=http://www.antaranews.com/en/news/84768/adb-supports-vocational-education-in-indonesia |access-date=2015-11-27 |archive-date=7 April 2016 |archive-url=https://web.archive.org/web/20160407223922/http://www.antaranews.com/en/news/84768/adb-supports-vocational-education-in-indonesia |url-status=live }}</ref> * [[Laos]]: Northern and Central Regions Water Supply and Sanitation Sector Project<ref>{{Cite web |last=Murphy |first=B. J. |title=Oudomxay hosts belated opening ceremony for water treatment plant |url=https://laospdrnews.wordpress.com/2012/06/01/oudomxay-hosts-belated-opening-ceremony-for-water-treatment-plant/ |access-date=2015-11-27 |website=Lao People's Democratic Republic |date=June 2012 |archive-date=20 February 2016 |archive-url=https://web.archive.org/web/20160220011528/https://laospdrnews.wordpress.com/2012/06/01/oudomxay-hosts-belated-opening-ceremony-for-water-treatment-plant/ |url-status=live }}</ref> * [[Mongolia]]: Food and Nutrition Social Welfare Program and Project<ref>{{Cite web |title=Food and Nutrition Social Welfare Programme and Project (Capacity Development Project – M&E) |url=http://www.opml.co.uk/projects/food-and-nutrition-social-welfare-programme-and-project-capacity-development-project-me |access-date=2015-11-27 |website=Oxford Policy Management |archive-date=20 January 2018 |archive-url=https://web.archive.org/web/20180120135704/http://www.opml.co.uk/projects/food-and-nutrition-social-welfare-programme-and-project-capacity-development-project-me |url-status=live }}</ref> * [[Philippines]]: [[North–South Commuter Railway]] Project (Malolos–Clark Railway Project and South Commuter Railway Project), jointly funded with [[Japan International Cooperation Agency]]<ref>{{Cite web|title=Malolos–Clark Railway Project: North-South Commuter Railway, PNR Clark - Phase 2|url=https://www.adb.org/news/infographics/malolos-clark-railway-project|publisher=Asian Development Bank|date=10 July 2019|access-date=24 January 2022|archive-date=7 November 2019|archive-url=https://web.archive.org/web/20191107081238/https://www.adb.org/news/infographics/malolos-clark-railway-project|url-status=live}}</ref><ref>{{Cite web|title=Philippines: South Commuter Railway Project|url=https://www.adb.org/projects/52220-001/main|publisher=Asian Development Bank|access-date=24 January 2022|archive-date=24 January 2022|archive-url=https://web.archive.org/web/20220124133148/https://www.adb.org/projects/52220-001/main|url-status=live}}</ref> * [[Solomon Islands]]: Pacific Private Sector Development Initiative<ref>{{Cite web |title=Pacific banks go branchless to reach the unbanked {{!}} Scoop News |url=http://www.scoop.co.nz/stories/WO1401/S00030/pacific-banks-go-branchless-to-reach-the-unbanked.htm |access-date=2015-11-27 |website=www.scoop.co.nz |archive-date=5 March 2016 |archive-url=https://web.archive.org/web/20160305001035/http://www.scoop.co.nz/stories/WO1401/S00030/pacific-banks-go-branchless-to-reach-the-unbanked.htm |url-status=live }}</ref> ==Criticism== Since the ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy and staffing decisions.<ref name="Kilby">{{Cite journal |last=Kilby |first=Christopher |year=2002 |title=Donor Influence in MDBs: The Case of the Asian Development Bank |url=http://www.williams.edu/Economics/neudc/papers/ADB.3.pdf |archive-url=https://ghostarchive.org/archive/20221009/http://www.williams.edu/Economics/neudc/papers/ADB.3.pdf |archive-date=2022-10-09 |url-status=live |journal=The Review of International Organizations |volume=68 |issue=4 |pages=509–528 |access-date=2010-09-16}}</ref> [[Oxfam]] Australia has criticized the Asian Development Bank for insensitivity to local communities. "Operating at a global and international level, these banks can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities."<ref>{{Cite web |title=The Asian Development Bank and Food Security |url=http://www.oxfam.org.au/campaigns/adb/ |website=Oxfam Australia |date=13 June 2014 |access-date=23 February 2008 |archive-date=6 January 2009 |archive-url=https://web.archive.org/web/20090106042019/http://www.oxfam.org.au./campaigns/adb/ |url-status=live }}</ref> The bank also received criticism from the [[United Nations Environmental Program]], stating in a report that "much of the growth has bypassed more than 70 percent of its rural population, many of whom are directly dependent on natural resources for livelihoods and incomes."<ref>{{Cite web |title=Inter Press Service – News and Views from the Global South |url=http://ipsnews.net/news.asp?idnews=38568 |url-status=dead |archive-url=https://web.archive.org/web/20071212033539/http://www.ipsnews.net/news.asp?idnews=38568 |archive-date=2007-12-12}}</ref> There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. One of the most controversial ADB-related projects is [[Thailand]]'s Mae Moh [[coal-fired power station]]. Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for [[indigenous peoples]] and [[involuntary resettlement]], while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials.<ref>{{Cite web |title=Large-scale ADB projects draw criticism |url=http://search.japantimes.co.jp/cgi-bin/nn20070508a5.html |website=The Japan Times |access-date=28 May 2010 |archive-date=21 July 2012 |archive-url=https://archive.ph/20120721192048/search.japantimes.co.jp/cgi-bin/nn20070508a5.html |url-status=live }}</ref><ref>{{Cite web |title=RFI – NGO criticises ADB and questions its ability to reduce poverty |url=http://www.rfi.fr/actuen/articles/113/article_3679.asp |publisher=rfi.fr |access-date=28 May 2010 |archive-date=21 November 2011 |archive-url=https://web.archive.org/web/20111121080757/http://www.rfi.fr/actuen/articles/113/article_3679.asp |url-status=live }}</ref> The bank has been criticized over its role and relevance in the [[food crisis]]. The ADB has been accused by civil society of ignoring warnings leading up the crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to [[Deregulation|deregulate]] and [[privatize]] agriculture, leading to problems such as the rice supply shortage in [[Southeast Asia]].<ref>{{Cite web|url=http://www.bicusa.org/en/Article.3746.aspx|archiveurl=https://web.archive.org/web/20110717063923/http://www.bicusa.org/en/Article.3746.aspx|url-status=dead|title="ADB to meet amid food crisis, growing poverty"|archivedate=17 July 2011}}</ref> Indeed, whereas the Private Sector Operations Department (PSOD) closed out that year with financings of $2.4 billion, the ADB has significantly dropped below that level in the years since and is clearly not on the path to achieving its stated goal of 50% of financings to the private sector by 2020. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. Hence, with the vast majority of loans going to concessionary (sub-market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses. ==Countries with the largest subscribed capital and voting rights== The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2021.<ref name="adb.org1">{{Cite book |date=May 2021 |title=Members, Capital Stock, and Voting Power |url=https://www.adb.org/sites/default/files/institutional-document/788046/adb-annual-report-2021.pdf |publisher=adb.org |doi=10.22617/FLS210109 |s2cid=243528302 |access-date=9 April 2023 |archive-date=9 April 2023 |archive-url=https://web.archive.org/web/20230409085700/https://www.adb.org/sites/default/files/institutional-document/788046/adb-annual-report-2021.pdf |url-status=live }}</ref> {| class="wikitable sortable" style="text-align: right" |+ The 20 countries with the largest capital contribution and voting rights in the Asian Development Bank ! Rank !! Country !! Subscribed capital<br>(% of total) !! Voting power<br>(% of total) |- | || align=left|'''''[[World]]''''' || 100.000 || 100.000 |- | 1 || align=left|{{JPN}} || 15.571 || 12.751 |- | 1 || align=left|{{USA}} || 15.571 || 12.751 |- | 3 || align=left|{{CHN}} || 6.429 || 5.437 |- | 4 || align=left|{{IND}} || 6.317 || 5.347 |- | 5 || align=left|{{AUS}} || 5.773 || 4.913 |- | 6 || align=left|{{IDN}} || 5.434 || 4.641 |- | 7 || align=left|{{CAN}} || 5.219 || 4.469 |- | 8 || align=left|{{KOR}} || 5.026 || 4.315 |- | 9 || align=left|{{DEU}} || 4.316 || 3.747 |- | 10 || align=left|{{MYS}} || 2.717 || 2.468 |- | 11 || align=left|{{PHL}} || 2.377 || 2.196 |- | 12 || align=left|{{FRA}} || 2.322 || 2.152 |- | 13 || align=left|{{PAK}} || 2.174 || 2.033 |- | 14 || align=left|{{GBR}} || 2.038 || 1.924 |- | 15 || align=left|{{ITA}} || 1.803 || 1.737 |- | 16 || align=left|{{NZL}} || 1.532 || 1.520 |- | 17 || align=left|{{THA}} || 1.358 || 1.381 |- | 18 || align=left|{{TWN}} || 1.087 || 1.164 |- | 19 || align=left|{{NED}} || 1.023 || 1.113 |- | 20 || align=left|{{BAN}} || 1.019 || 1.109 |- | || align=left|{{nowrap|''All Remaining Members''}} || 10.894 || 22.832 |} ==Members== [[File:Asian Development Bank (DMC Stages).png|right|thumb|300px|Asian Development Bank – [[Developing country|Developing Member Countries]] (DMC) graduation stages<ref>{{Cite book |title=A Graduation Policy for the Bank's DMCs |url=http://www.adb.org/documents/graduation-policy-banks-dmcs |website=Asian Development Bank |date=26 November 1998 |access-date=21 April 2015 |archive-date=26 December 2015 |archive-url=https://web.archive.org/web/20151226112513/http://www.adb.org/documents/graduation-policy-banks-dmcs |url-status=live }}</ref> {{legend|#0000ff|Outside regions}} {{legend|#008000|Asia-Pacific region [[developed countries|developed members]]}} {{legend|#804000|DMC graduated from assistance, Group-D}} {{legend|#FF8040|Ordinary Capital Resources (OCR) financing, Group-C}} {{legend|#ff00ff|OCR and ADF blended financing, Group-B}} {{legend|#ff0000|Asian Development Fund (ADF) financing, Group-A}}]] ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, and 19 members from Other Regions.<ref name="adb.org">{{Cite web |title=Members |url=http://www.adb.org/about/members |website=Asian Development Bank |date=18 December 2020 |access-date=28 March 2012 |archive-date=9 July 2015 |archive-url=https://web.archive.org/web/20150709111140/http://www.adb.org/about/members |url-status=live }}</ref> The year listed after a member's name indicates the year of their membership. When a country no longer remains a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of Article 43.<ref>{{Cite book |url=http://www.adb.org/documents/agreement-establishing-asian-development-bank-adb-charter |title=Agreement Establishing the Asian Development Bank |date=4 December 1965 |publisher=Asian Development Bank |access-date=2007-12-10 |archive-date=9 April 2012 |archive-url=https://web.archive.org/web/20120409195004/http://www.adb.org/documents/agreement-establishing-asian-development-bank-adb-charter |url-status=live }}</ref> {| style="border-collapse: collapse; background: transparent;" |- | style="vertical-align: top;" | {| class="wikitable sortable" |- ! Regional members ! Date of accession |- |{{flag|Islamic Republic of Afghanistan}} || rowspan="19" | 1966 |- |{{flag|Australia}} |- |{{flag|Cambodia}} |- |{{flag|India}} |- |{{flag|Indonesia}} |- |{{flag|Japan}} |- |{{flag|Laos}}<ref>Joined as [[Kingdom of Laos]], succeeded by Lao PDR in 1975</ref> |- |{{flag|Malaysia}} |- |{{flag|Nepal}} |- |{{flag|New Zealand}} |- |{{flag|Pakistan}} |- |{{flag|Philippines}} |- |{{flag|Samoa}} |- |{{flag|Singapore}} |- |{{flag|South Korea}} |- |{{flag|Sri Lanka}} |- |{{flag|Taiwan}}<ref>{{Cite book |title=Asian Development Bank and Taipei,China: Fact Sheet |url=http://www.adb.org/publications/taipei-china-fact-sheet |website=Asian Development Bank |date=26 April 2021 |access-date=28 March 2012 |archive-date=13 April 2023 |archive-url=https://web.archive.org/web/20230413191711/https://www.adb.org/publications/taipei-china-fact-sheet |url-status=live }}</ref><ref>Joined as [[Republic of China]] representing not only [[Taiwan Area]], but also nominally [[Mainland China]] until 1986. However, its share of Bank capital was based on the size of Taiwan's capital, unlike the World Bank and IMF where the government in Taiwan had had a share. The representation was succeeded by [[People's Republic of China|China]] in 1986. However, the ROC was allowed to retain its membership, but under the name of "Taipei,China" [http://www.amcham.com.tw/content/view/2834/ (space deliberately omitted after the comma)] {{Webarchive|url=https://web.archive.org/web/20151208130612/http://www.amcham.com.tw/content/view/2834/ |date=8 December 2015 }} — a name it protests. Uniquely, this allows both sides of the Taiwan Straits to be represented at the institution.</ref> |- |{{flag|Thailand}} |- |{{flag|South Vietnam}}<ref>until 1975 then Vietnam</ref> |- |{{HKG}}<ref>Joined as "British Hong Kong", not "Hong Kong SAR"</ref> || 1969 |- |{{flag|Fiji}} || 1970 |- |{{flag|Papua New Guinea}} || 1971 |- |{{flag|Tonga}} || 1972 |- |{{flag|Burma}} || rowspan="2" | 1973 |- |{{flag|Solomon Islands}} |- |{{flag|Kiribati}} || 1974 |- |{{flag|Cook Islands}} || 1976 |- |{{flag|Maldives}} || 1978 |- |{{flag|Vanuatu}} || 1981 |- |{{flag|Bangladesh}} || 1973 |- |{{flag|Bhutan}} || 1982 |- |{{flag|China}} || 1986 |- |{{flag|Federated States of Micronesia}} || rowspan="2" | 1990 |- |{{flag|Marshall Islands}} |- |{{flag|Mongolia}} || rowspan="2" | 1991 |- |{{flag|Nauru}} |- |{{flag|Tuvalu}} || 1993 |- |{{flag|Kazakhstan}} || rowspan="2" | 1994 |- |{{flag|Kyrgyzstan}} |- |{{flag|Uzbekistan}} || 1995 |- |{{flag|Tajikistan}} || 1998 |- |{{flag|Azerbaijan}} || 1999 |- |{{flag|Turkmenistan}} || 2000 |- |{{flag|Timor-Leste}} || 2002 |- |{{flag|Palau}} || 2003 |- |{{flag|Armenia}} || 2005 |- |{{flag|Brunei Darussalam}} || 2006 |- |{{flag|Georgia}} || 2007 |- |{{flag|Niue}} || 2019 |} | style="vertical-align: top;" | {| class="wikitable sortable" |- ! Nonregional members ! Date of accession |- |{{flag|Austria}} || rowspan="12" | 1966 |- |{{flag|Belgium}} |- |{{flag|Canada}} |- |{{flag|Denmark}} |- |{{flag|Finland}} |- |{{flag|Germany}}<ref>Founding member; joined as [[West Germany]].</ref> |- |{{flag|Italy}} |- |{{flag|Netherlands}} |- |{{flag|Norway}} |- |{{flag|Sweden}} |- |{{flag|United Kingdom}} |- |{{flag|United States}} |- |{{flag|Switzerland}} || 1967 |- |{{flag|France}} || 1970 |- |{{flag|Spain}} || 1986 |- |{{flag|Turkey}} || 1991 |- |{{flag|Portugal}} || 2002 |- |{{flag|Luxembourg}} || 2003 |- |{{flag|Ireland}} || 2006 |- |} |} ==See also== {{Portal|Banks}} * [[African Development Bank]] * [[Asian Clearing Union]] * [[Asian Development Bank Institute]] (ADBI) * [[Asian Infrastructure Investment Bank]] (AIIB) * [[Asia Cooperation Dialogue]] * [[Asia Council]] * [[CAF – Development Bank of Latin America and the Caribbean]] * [[Caribbean Development Bank]] * [[Eurasian Development Bank]] * [[Inter-American Development Bank]] * [[International Monetary Fund]] * [[South Asia Subregional Economic Cooperation]] * [[World Bank]] ==References== {{Reflist}} ==Further reading== * Huang, P.W. 1975. ''The Asian Development Bank: Diplomacy and Development in Asia.'' New York, NY: Vantage Press. * Krishnamurti, R. 1977. ''ADB: The Seeding Days.'' Manila: Asian Development Bank. * McCawley, Peter. 2017. ''[https://www.adb.org/publications/50-years-adb Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank.]'' Manila: Asian Development Bank, {{ISBN|978-92-9257-791-9}} (print), {{ISBN|978-92-9257-792-6}} (e-ISBN), {{ISBN|978-4-326-50451-0}} (Japanese language edition). * McCawley, Peter. 2020. ''[https://www.adb.org/publications/indonesia-adb-50-years-partnership Indonesia and the Asian Development Bank: Fifty Years of Partnership]'' Manila: Asian Development Bank, {{ISBN|978-92-9262-202-2}} (print), {{ISBN|978-92-9262-204-6}} (e-book). DOI: [http://dx.doi.org/10.22617/SGP200146-2 Indonesia and the Asian Development Bank: Fifty Years of Partnership] * Watanabe, Takeshi. 1977 (reprinted 2010). ''Towards a New Asia''. Manila: Asian Development Bank. * Wihtol, Robert. 1988. ''The Asian Development Bank and Rural Development: Policy and Practice.'' Hampshire, UK: Macmillan Press. * Wilson, Dick. 1997. ''A Bank for Half the World: The Story of the Asian Development Bank, 1966-1986.'' Manila: Asian Development Bank. * Yasutomo, D.T. 1983. ''Japan and the Asian Development Bank.'' New York, NY: Praeger. ==External links== {{Commons category|Asian Development Bank}} * {{official website|www.adb.org}} * [https://web.archive.org/web/20111229065356/http://bicusa.org/ Bank Information Center] * [http://www.adbi.org ADB Institute] * [http://www.dollarsandsense.org/archives/2007/1107miller.html "Inequality Worsens across Asia"], ''[[Dollars & Sense]]'' magazine, November/December 2007. Article discussing recent reports from the ADB. * [http://www.dandc.eu/en/article/fight-youth-unemployment-asia-needs-more-jobs-not-more-schools "The right business environment"] Youth unemployment in Asia. An interview with Jesus Felipe, advisor in the Economics and Research Department of ADB. * [https://www.adb.org/publications/futures-thinking-asia-pacific-policy-makers Free Futures Thinking Guidebooks] {{International development and investment banks}} {{South-South}} {{Pacific Islands Forum (PIF)}} {{Authority control}} [[Category:Asian Development Bank| ]] [[Category:Banking institutes]] [[Category:Supranational banks]] [[Category:Organizations based in Manila]] [[Category:International development multilaterals]] [[Category:Multilateral development banks]] [[Category:United Nations General Assembly observers]] [[Category:International banking institutions]] [[Category:Intergovernmental organizations established by treaty]] [[Category:Development in Asia]] [[Category:Banks established in 1966]]'