The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
A resolution passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963 set that vision on the way to becoming reality.
The Philippines capital of Manila was chosen to host the new institution, which opened on 19 December 1966, with 31 members that came together to serve a predominantly agricultural region. Takeshi Watanabe was ADB's first President.
During the 1960s, ADB focused much of its assistance on food production and rural development.
ADB has 67 shareholding members including 48 from the Asia and Pacific region.
Structure of the organisation:
The Agreement Establishing the Asian Development Bank, known as the ADB Charter, vests all the powers of the institution in the Board of Governors, which in turn delegates some of these powers to the Board of Directors.
The Board of Governors meets formally once a year during ADB's Annual Meeting.
Asian Development Bank and India:
India became member of Asian Development Bank in 1966.
The Country Partnership Strategy (CPS), 2018–2022 for India aims to support the government’s goal of faster, inclusive, and sustainable growth accompanied by rapid economic transformation and job creation. The new CPS articulates ADB assistance through the three strategic pillars:
boosting economic competitiveness to create more and better jobs,
providing inclusive access to infrastructure networks and services, and
addressing climate change and increasing climate resilience.
ADB’s annual lending to India is proposed to be raised to a maximum of $4 billion to support the country’s transformation toward upper middle-income status.
The country operations business plan (COBP), 2018–2020 aims to support the government’s endeavor towards achieving faster, inclusive and sustainable growth through programs supporting the provision of inclusive access to infrastructure, boosting competitiveness and job creation, and helping address climate change issues.
India is a member of the South Asia Subregional Economic Cooperation (SASEC) program.
In March 2018, ADB and the Government of India signed a $120 million loan agreement to complete double-tracking and electrification of railway tracks along high-density corridors in India and improve operational efficiency of the country’s railway networks.
The investment program is targeting busy freight and passenger routes in the states of Andhra Pradesh, Chhattisgarh, Karnataka, Maharashtra, and Odisha, including the “Golden Quadrilateral” corridor that connects Chennai, Kolkata, Mumbai, and New Delhi.
In March 2018, the Asian Development Bank (ADB) and the International Solar Alliance (ISA) signed a cooperation arrangement to promote solar energy deployment in Asia and the Pacific, including solar power generation, solar based mini-grids, and transmission systems for integrating solar energy into grids.
The emerging essence of cooperation and mutual understanding among Asian countries has been strengthened with the Asian Development Bank and the future holds immense potential.