What is the Full form of ADB?
The ADB full form is the Asian Development Bank. ADB is a regional development bank whose mission is to build a stable, healthy, adaptable, and sustainable Asia and the Pacific while supporting and bolstering its efforts to eradicate extreme poverty.
ADB was established throughout Asia and the Pacific to decrease poverty and promote economic growth, development, and mutual support. It fosters social and economic development and progress in participating nations by providing loans, grants, and technical assistance. It has 68 members, 49 of which are from the Asia-Pacific region.
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A brief history of ADB
- Early in the 1960s, the concept of the ADB was established. At the First Ministerial Conference on Asian Economic Cooperation in 1963, a decision to establish the ADB was subsequently reached.
- The Asian Development Bank (ADB) was founded on 19 December 1966 with a 31-member committee, and Takeshi Watanabe was elected as its first president. Early on, ADB gave close attention to food processing and agricultural expansion.
- The Asian Development Fund was formed in 1974 to make low-interest loans to the poorest member states.
- The first field office was formed in Bangladesh in 1982 in order to be closer to the most in need individuals.
- Midway through 1997, during the region’s financial crisis, it initiated efforts to develop the banking industry, i.e. numerous projects to secure social security for the disadvantaged and strengthen financial sectors. This includes granting the largest loan to the Republic of Korea, at $4 billion.
- In 2004, it committed more than $850 million to restore Tsunami-ravaged areas in India, Sri Lanka, Maldives, and Indonesia.
- In 2008, “Strategy 2020,” a new global policy structure, was launched in response to the region’s expanding needs.
- In 2014, a comprehensive midterm review of “Strategy 2020” was published. Several operational enhancements were implemented to optimize process efficiency, develop internal capacity, and adapt to the evolving business environment.
ADB Priority Areas
The fields to which ADB operations offer significance are as follows:
- Environment
- Regional integration
- Infrastructure
- Finance Sector development
- Education
