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Asian Development Bank
Why is it in news?
- Election Commissioner Ashok Lavasa has been selected for appointment as a Vice-President at the Asian Development Bank.
Asian Development Bank
- Aim: Prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.
- Headquarter: Manila, Philippines.
- Function:
(1) ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
(2) ADB maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through cofinancing operations that tap official, commercial, and export credit sources.
- Members: From 31 members at its establishment in 1966, ADB has grown to encompass 68 members, of which 49 are from within Asia and the Pacific and 19 outside.