ADB was established in December 1966 on the Recommendation of ECAFE (economic communication for Asia and Far East). The aim of this bank is to accelerate economic and social development in Asian Pacific region. The bank is started its functioning on January 1 1967. the head office of the bank is located at Manila, Philippines. it is worth mentioning here that the chairmanship ADB is always allotted to Japanese while its three Deputy Chairman belong to USA, Europe and Asia. At present (as on June 2011), 67 nations are partner member of ADB. India is the Founder member of ADB and is no its fourth largest shareholders. ADB commands its operation in India in 1986, and has approved 189 sovereign loans amounting to US$ 31.3 billion during 1986-2014, the portfolio included 86. Ongoing sovereign loans amounting US$ 11.5 billion.
The principal function of ADB are-
- to make loan and equity investment for the economic and social advancement of its developing member countries
- to provide technical assistance for the preparation and execution of development project and program and advisory service
- to respond to the request for assistance in coordinating development policies and plan in developing member countries
- To respond to the request for assistant coordinating development policies and plan of developing member countries
Asian Development Bank constituted "Asian Development fund" in 1974, which provide loan to Asian countries on concessional interest rates.
