The
Asian Development Bank (ADB) is a
regional development bank established in 1966 to promote economic and social development in Asian and Pacific countries through loans and technical assistance. It is a multilateral development financial institution owned by 67 members (as of 2 February 2007),
[2] 48 from the region and 19 from other parts of the globe. ADB's vision is a region free of poverty. Its mission is to help its developing member countries reduce poverty and improve the quality of life of their citizens
The Board of Governors also elect the bank's
President who is the chairperson of the Board of Directors and manages ADB. The president has a term of office lasting five years, and may be reelected. Traditionally, and because
Japan is one of the largest shareholders of the bank, the President has always been Japanese. The current President is
Haruhiko Kuroda.
The headquarters of the bank is at 6 ADB Avenue,
Mandaluyong City,
Metro Manila,
Philippines, and it has representative offices around the world. The bank employs approximately 2,400 people, coming from 55 of its 67 member countries, and with more than half of the staff being
Filipino.
Asian Development Bank member states
Outside regions Asia-Pacific regionADB has 67 members (as of 2 February 2007).
[29] Names are as recognized by ADB.
The year after a member's name indicates the year of membership. The largest share holders of the ADB are Japan and USA, each holding 15.57% of the shares.
[30] At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of this Article.
[31]
Republic of China (Taiwan) initially joined as "China" as a founding member representing the whole of China. However, its share of Bank capital was based on the size of Taiwan's capital, unlike the World Bank and IMF where the government in Taiwan had had a share representing the whole of China prior to the People's Republic of China joining and taking the Republic of China's seat. In 1986, a compromise was effected when the People's Republic of China joined the institution. The ROC was allowed to retain its membership, but under the name of Taipei, China — a name it protests. Uniquely, this allows both sides of the Taiwan Straits to be represented at the institution.
Asian and Pacific region: 48 members |
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Other regions: 19 members |
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