Asian Development Bank (ADB) is a regional international development financial institution founded on 19 December 1966 in Manila, Philippines to reduce poverty in Asia and the Pacific region. ADB envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific by sustaining its efforts to eradicate extreme poverty in the region.
From 31 members at its establishment, ADB now has 68 member countries of which 49 are from within Asia and the Pacific region and 19 from the outside. The institution assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Moreover, Asian Development Bank facilitates policy dialogues, provides advisory services, and mobilizes financial resources to maximize the development impact of its assistance.
Nepal is one of the founding members of ADB. In 1996, the bank supported the construction of Nepal’s largest hydroelectric project ‘Kaligandaki – A’. ADB’s assistance to Nepal comes primarily from Asian Development Fund (ADF). Allocation of ADF resources to ADB’s Developing Member Countries (DMCs) is based on its performance-based allocation policy.
Functions/Objectives of the Asian Development Bank
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- To grant loans and equity investments to its developing member countries through ADF to promote socio-economic development.
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- To provide technical assistance for formulation and implementation of development projects and programs and for advisory services.
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- To stimulate and facilitate public and private investment related to development programs.
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- To assist in coordinating development policies and plans of its DMCs.
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- To promote the regional development process.
Goals of ADB
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- Promoting economic growth
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- Protecting the environment
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- Reducing poverty
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- Developing human resources
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- Improving the status of women.
