Explain the role and significance of Asian Development Bank
Structure of answer:
- • Introduction (mandate of the Asian development).• Why Asian development bank is mandatory?
- • Function of ADB.
- • Conclusion.
- The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines.
- The company also maintains 31 field offices around the world to promote social and economic development in Asia.
- India is a member of the South Asia Sub regional Economic Cooperation (SASEC) program. The general public is advised to be aware of recruitment scams using the name of the Asian Development Bank.
- The ADB offers “hard” loans on commercial terms primarily to middle income countries in Asia and “soft” loans with lower interest rates to poorer countries in the region.
- Based on a new policy, both types of loans will be sourced starting January 2017 from the bank’s ordinary capital resources (OCR), which functions as its general operational fund.
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