Adb Establishment Agreement

As early as 1956, Japanese Finance Minister Hisato Ichimada proposed to US Secretary of State John Foster Dulles that development projects in Southeast Asia be supported by a new financial institution for the region. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to support the establishment of a regional development fund, the funds of which come mainly from Japan and other industrialized countries. But the United States did not follow the plan and the concept was put on the record. See the full report in “Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank”, July 2017. The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966[4] and headquartered at the Ortigas Center in the city of Mandaluyong, Metro Manila, Philippines. The company also has 31 field offices around the world[5] to promote social and economic development in Asia. The Bank hosts members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional industrialized countries. [6] Of the 31 members at its inception, the AfDB now has 68 members. In parallel, the concept was officially proposed in 1963 at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) by a young Thai economist, Paul Sithi-Amnuai. (ESCAP, United Nations publication March 2007, “The First Parliament in Asia”, p.

65). Despite a mixed initial reaction, support for the creation of a new bank grew rapidly. From 31 members when it was founded in 1966, the AfDB has since grown to 68 members, including 49 from Asia and the Pacific and 19 from outside. Members as of July 2021 include: The AfDB has 68 members (as of March 23, 2019): 49 members from the Asia-Pacific region, 19 members from other regions. [58] The year following a member`s name indicates the year of membership. At the time when a country is no longer a member, the Bank shall arrange for the Bank to repurchase the shares of that country under the settlement with that country in accordance with Article 43(3) and (4)[59]. It has been criticized that major AfDB projects cause social and environmental damage due to a lack of oversight. One of the most controversial projects related to the AfDB is the Mae Moh coal-fired power plant in Thailand. Environmental and human rights activists argue that the AfDB`s environmental protection policies, as well as the policy for indigenous peoples and involuntary resettlement, although they generally meet international standards on paper, are often ignored in practice, are too vague or weak to be effective. or simply not enforced by bank officials. [53] [54] The AfDB cooperates with other development organizations on certain projects in order to increase the amount of funds available. In 2014, $9.2 billion – nearly half – of the AfDB`s $22.9 billion in operations were financed by other organizations.

[37] According to Jason Rush, Senior Communications Specialist, the Bank communicates with many other multilateral organizations. The two largest shareholders of the Asian Development Bank are the United States and Japan. Although the majority of the bank`s members come from the Asia-Pacific region, industrialized countries are also well represented. Regional development banks generally cooperate with the International Monetary Fund (IMF) and the World Bank in their activities. In 2017, the AfDB combined the lending operations of its Asian Development Fund (ADF) with its regular capital resources (OCR). This has resulted in the expansion of the OCR balance sheet to $20 billion in annual loans and grants by 2020, 50% higher than the previous level. [18] In 2003, the severe acute respiratory syndrome (SARS) epidemic hit the region, and the AfDB responded with programs to help countries in the region work together to combat infectious diseases such as avian influenza and HIV/AIDS. The AfDB has also responded to various natural disasters in the region, providing more than $850 million for reconstruction in the regions of India, Indonesia, Maldives and Sri Lanka affected by the Asian tsunami in December 2004. In addition, $1 billion in loans and grants were made available to the victims of the earthquake in Pakistan in October 2005. [18] The current president is Masatsugu Asakawa.

He succeeds Takehiko Nakao on January 17, 2020,[12] who succeeds Haruhiko Kuroda in 2013. [13] Japanese presidents Inoue Shiro (1972-76) and Yoshida Taroichi (1976-81) were in the spotlight in the 1970s. Fujioka Masao, the fourth president (1981-90), adopted a confident leadership style and launched an ambitious plan to make the AfDB an influential development agency. The following table shows the amounts for the 20 largest countries by subscribed capital and voting rights at the Asian Development Bank (as of December 2018). [56] On February 26, 2020, the AfDB raises $118 million in rupee-related bonds and supports the development of the India International Exchange in India, as it also contributes to an established yield curve that runs from 2021 to 2030 with $1 billion in bonds outstanding. [39] By the end of 1972, Japan had contributed USD 173.7 million (22.6% of the total) to ordinary capital and USD 122.6 million (59.6% of the total) to the Special Funds. In contrast, the United States contributed only $1.25 million to the special fund. [6] The AfDB was responsible for major projects in the region and regularly raises capital through international bond markets. The AfDB also relies on membership dues, retained earnings from loans and repayment of loans to finance the organization. Eighty percent of AfDB loans are focused on loans to the public sector in five operational areas.

[21] In mid-1997, the AfDB responded to the financial crisis that hit the region by implementing projects to strengthen the financial sector and create social safety nets for the poor. .

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