ASIAN DEVELOPMENT BANK

Set up in 1966 with 31 founding members (India being one of them), today (by March 2017) it has grown to encompass 67 members—of which 48 are from Asia and Pacific and 19 from outside. It has its headquarters situated at Manila, Philippines.

The purpose of the Bank is to foster economic growth and co-operation in the region of Asia and the Far East and to contribute to economic development of the developing member countries, collectively and individually. The six functions of the Bank are as clubbed below:

(i) Promoting investment—public and private—and harmonious regional

development with special regard to less developed member countries;

(ii) Coordinating development policies and plans (on request); promoting intra-regional trade; providing technical assistance in financing, execution and project proposals;

(iii) Co-operating with the UNO and other international institutions—public and private—and undertaking other activities and provide other services advancing its purpose.

India’s subscription to the Bank’s capital stock is 7.190 per cent with a voting power of 6.050 per cent (as per the ADB Annual Report, 2016).

India started borrowing from ADB’s Ordinary Capital Resources (OCR) in 1986. The Bank’s lending has been mainly in the energy, transport and communications, finance, industry and social infrastructure sectors.

The Bank has extended technical assistance to India in addition to loans from its OCR window. The technical assistance provided include support for institutional strengthening, effective project implementation and policy reforms as well as for project preparation.

India holds the position of Executive Director on the Board of Directors of the Bank—its constituency comprises India, Bangladesh, Bhutan, Lao PDR and Tajikistan. The Finance Minister is India’s Governor on the Board of Governors of the Asian Development Bank and Secretary (EA) is the Alternate Governor.