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Functions of the ADB or, the Asian Development Bank

Functions of the ADB or, the Asian Development Bank

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The aim of the Asian Development Bank (ADB), an international development finance institution, is to assist its developing member nations in reducing poverty and enhancing people's quality of life. The 68 members of the ADB, 49 of whom are from the region, own and finance the organization, which was founded in 1966 and has its headquarters in Manila. Governments, the private sector, nongovernmental organizations, development agencies, community-based organizations, and foundations make up the majority of ADB's partners.

Asian Development Bank (ADB) will adhere to three complementary strategic agendas under the 2008-adopted long-term strategic framework known as Strategy 2020: regional integration, environmentally sustainable growth, and inclusive growth Loans, grants, technical assistance, advice, and knowledge are the ADB's primary instruments for achieving its mission. The ADB provides equity investments, guarantees, and loans to private businesses in developing nations in addition to lending to the public sector and governments. Additionally, its triple-A credit rating aids in development funding mobilization.

Strategies and Policies

Strategy 2020 was approved by the ADB Board of Directors in 2008: The Asian Development Bank's Long-Term Strategic Plan for 2008-2020. It is the most important strategic framework for all of ADB's operations up until 2020. In 2009, the ADB's Board of Governors agreed to triple the bank's capital base from $55 billion to $165 billion. This will give the bank the resources it needs to deal with the global economic crisis and the Asia and Pacific region's long-term development needs. The 67 countries that make up the ADB closed voting on GCI V on April 29, 2009, with an overwhelming majority of members supporting it. ADB's largest increase of 200 percent is also its first since increasing its capital by 100 percent in 1994. Strategy 2020 reaffirms ADB's mission to assist developing member countries in enhancing their people's living conditions and quality of life as well as its vision of a poverty-free Asia and Pacific. The development of the private sector, the promotion of good governance, the support for gender equity, the assistance to developing nations in acquiring knowledge, and the expansion of partnerships with other development institutions, the private sector, and community-based organizations are some of the drivers of change that are outlined in Strategy 2020. Five core operational areas, identified as ADB's comparative strengths, will account for 80 percent of ADB lending by 2012:

1. Transportation and communications infrastructure, energy, water supply and sanitation infrastructure, and urban development

2. Infrastructure

3. Environment

4. Integration and cooperation across the region

5. Growth of the finance industry and Education

The Asian Development Bank (ADB) will continue to operate, albeit more selectively, in the fields of agriculture, disaster and emergency assistance, and health care. To evaluate its progress in implementing Strategy 2020, ADB has developed a corporate results framework. Through the ADB Development Effectiveness Review, it will monitor implementation annually.

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