Why in the News?
The Asian Development Bank (ADB) has unveiled a comprehensive action plan to bolster disaster resilience in the Asia-Pacific region. This timely initiative comes as the region faces increasing threats from natural disasters and climate change.
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ADB’s Disaster Resilience Strategy
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About the Asian Development Bank (ADB)
- Established: 19th December 1966
- Headquarters: Manila, PhilippinesMission: To reduce poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
- Functions:
- Provides loans, grants, technical assistance, and equity investments.
- Facilitates policy dialogues and provides advisory services.
- Mobilizes financial resources through co-financing operations.
- Membership:
- 68 member countries, including 49 from Asia and the Pacific.
- Open to UN Economic Commission for Asia and the Far East members.
- Open to other regional and non-regional developed countries.
- Governance:
- Board of Governors representing member countries.
- Weighted voting system based on capital subscriptions.
- Top 5 shareholders: Japan, US, China, India, and Australia.
- Funding:
- International bond markets.
- Member contributions.
- Retained earnings from lending.
- Repayment of loans.
Logo: ADB
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