The Asian Development Bank (ADB) is a multilateral body of Asian origin. This organization advocates for the economies of Asia and the Pacific to grow and develop. In this way, eradicating problems such as poverty, conflicts, among others.
The Asian Development Bank, in other words, is an organization that was born in Asia in 1966. Well, in that year, 31 countries started this organization. Today, this multilateral organization has more than 67 member countries, especially highlighting all the economies of Asia and the Pacific.
Since its inception, the Asian Development Bank (ADB) has been charged with promoting inclusive and sustainable growth in the region. In this way, it tries to promote the development of Asian countries. For this, the ADB (Asian Development Bank) grants loans and development aid; the latter, through funds that allow articulating the objectives pursued by this organization.
The agency’s headquarters are in the Philippines, although its main shareholders are the United States and Japan.
Objectives of the Asian Development Bank
Among the objectives pursued by this organization, we find those shown below:
- Address poverty and reduce inequalities.
- Address climate change, increase climate and disaster resilience, and improve environmental sustainability.
- Promote rural development and what is related to food security.
- Promote cooperation and integration of the regions.
- Accelerate progress on gender equality.
- Make cities more livable spaces.
- Strengthen the governance and capacity of State institutions.
Structure of the Asian Development Bank
The ADB is structured as follows, dividing the organization into 4 large groups:
- Board of Governors: It is the highest body when formulating policies. It is made up of one representative for each member country.
- Board of directors: They supervise the financial statements, approve the budget, at the same time that they are in charge of approving documents related to policies, loans, among other types of operations.
- Management: From the president comes a management team that is made up of six vice presidents. This team supervises the work carried out by the operational, administrative and knowledge departments.
- Departments and offices in the countries: Functional extensions of the bank.
Development banks: ADB, IDB, ADB
The Asian Development Bank (ADB), the Inter-American Development Bank (IDB), the African Development Bank (ADB), among others, are some of the organizations we know as “development banks.”
These, due to a series of objectives that they pursue, are in charge of offering loans and financing at an interest rate lower than the market rate. The objective is to invest in projects that promote the economic development of a certain region or country. Because these territories often find it difficult to develop, while requiring external help to carry out such development.
Among the main development banks that we know of, we can highlight the following, depending on their scope of action:
- World Bank (World Development Bank).
- ADB or African Development Bank (Regional Development Bank).
- AIIB or Asian Infrastructure Investment Bank (Regional Development Bank).
- CAF or Development Bank of Latin America (Regional Development Bank).
- EIB or European Investment Bank (Regional Development Bank).
- EBRD or European Bank for Reconstruction and Development (Regional Development Bank).
- Council of Europe Development Bank (Regional Development Bank).
- IDB or Inter-American Development Bank (Regional Development Bank).
- CDB or Caribbean Development Bank (Subregional Development Bank).
- IDB or Islamic Development Bank (Subregional Development Bank).
- EADB or East African Development Bank (Subregional Development Bank).
- Among others.
In conclusion, the Asian Development Bank is an institution that has the objective of promoting growth and development in those countries of Asia and the Pacific. The development of these countries is intended to eradicate poverty, improve the quality of life of citizens and promote diplomacy.