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What is the full form of ADB?

By Anushree Goswami Last updated : April 20, 2024

ADB is an abbreviation of the Asian Development Bank. It is a regional development bank whose motto is to be dedicated to accomplishing a flourishing, inclusive, flexible and sustainable Asia & the Pacific, at the same time supporting and strengthening its efforts to eliminate tremendous poverty.

ADB was established to diminish poverty and cultivate economic expansion and growth and mutual aid in Asia and the Pacific. It helps in the socio-economic growth and development in member countries by offering loans, grants and technical assistance. It consists of 67 members, 48 of which are from Asia and the Pacific region. Its head office is situated in Mandaluyong, Philippines. As of July 2017, Takehiko Nakao is the president of ADB.

Image source: https://en.wikipedia.org/wiki/Asian_Development_Bank

ADB Areas of Focus

Following mentioned below are the areas on which ADB operations give prominence,

• Infrastructure
• Environment
• Education
• Regional integration
• Finance Sector development

ADB Brief History

• At the beginning of the 1960s, the concept of Asian Development Bank envisioned. Afterward, in 1963, a decision was approved at the first Ministerial Conference on Asian Economic Cooperation to set up the ADB.
• On 19 December 1966, ADB was founded with a team of 31 members and Takeshi Watanabe turned out to be its first President. In the early days, ADB was paying attention to food production and rural development.
• In 1970, ADB's first tie-up issue worth $16.7 million issued in Japan.
• In 1974, the Asian Development Fund was founded to make available low-interest loans to the poorest member countries.
• In 1982, its first field office was opened in Bangladesh to move towards closer to the people in need.
• In the middle of 1997, in the duration of the rigorous economic calamity in the region, it began projects to support and reinforce the financial segment, i.e. it permitted its major single loan worth $ 4 billion to the Republic of Korea.
• In 2004, it spent more than $800 million for the recuperation of regions struck by Tsunami in Sri Lanka, India, Indonesia, and the Maldives.
• In 2008, it introduced a new long-standing policy strategy framework 'Strategy 2020' to act in response to the changing requirements of the region.
• In 2014, a midterm formal assessment of the Strategy 2020 was released and a variety of organizational changes were commenced to advance the business procedures and to turn out to be stronger and enhanced.