Asian Development Bank (ADB)
It is a regional development bank established on 22 August 1966.
Its headquarter is situated in Philippines.
It aims to facilitate economic development of countries in Asia.
It also aims for an Asia and Pacific free from poverty.
The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries.
ADB was modeled closely on the World Bank.
It has a similar weighted voting system where votes are distributed in proportion with member’s capital subscriptions.
Board of Governors
It is the highest policy-making body of the bank.
It is composed of one representative from each member state.
The Board of Governors also elect the bank’s President who is the chairperson of the Board of Directors and manages ADB.
The Alternate Board of Governors are nominated by Board of Governors of ADB’s 67 to represent them at the Annual Meeting that meets formally once year to be held in a member country.
It offers both Hard Loans and Soft loans.
The ADB offers “hard” loans from ordinary capital resources (OCR) on commercial terms, and the Asian Development Fund (ADF) affiliated with the ADB extends “soft” loans from special fund resources with concessional conditions.
Highway upgradation project in Karanatka
Asian Development Bank (ADB) will fund highway upgradation project in Karnataka for which it has approved a loan of USD 346 million.
This is ADB’s second funding to Karnakata.
Karnataka per capita income is higher than the national average and has lower unemployment and poverty rates.
The project will see:
Construction of planned pedestrian
Installation of women-friendly elements including bus shelters
Footpaths and proper signage
The project will also carry out a road safety survey to identify critical accident spots across the state highways and carry out measures to improve these. Etc.