ADB was established in December 1966 on the Recommendation of ECAFE (economic Commission for Asia and Far East) the aim of this bank is to accelerate economic and social development in Asia and Pacific region. the bank 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 a Japanese while its three Deputy Chairman belong to USA, Europe and Asia. 67 members partner member of ADB. India is a founder member of ADB and its long its fourth largest shareholder ADB commenced its operation in India in 1986, and has approved 189 soveregn loans amounting to US dollar 31. 3 billion during 1986-2014.
principle of ADB are
- to make loan and equity investment for economic and social advancement Of its developing member countries.
- to provide technical assistant for the preparation and execution of development project and program and advisory services.
- to respond to the request for assistance in coordinating development policies and planning developing member countries.
- 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 country on concessional interest rates.
