What is the full form of ADB? ABD full form
The full form of ADB is the Asian Development Bank. It is a regional bank established to reduce poverty in Asia and the Pacific and to boost economic growth and cooperation in Asia. The bank provides loans, grants and technical assistance to its member countries for leading to a socioeconomic development. Currently, the organization has 67 members, with 48 members from Asia and the Pacific region.
The headquarters of the Asian Development Bank is located in Mandaluyong, Metro Manila, Philippines. The 31 offices of this ADB are spread all over the world. Its current president is Masatsugu Asakawa who took charge of it on 17 January 2020. The idea of establishing ADB was laid out in the early 1960s. Later in 1963, the resolution was passed in the first Ministerial Conference on Asian Economic Cooperation for the establishment of the Asian Development Bank.
May you like this: Practice Companies Mock Test
The Asian Development Bank was established on 19 December 1966 with 31 members and its first president was Takeshi Watanabe. The primary focus of the Asian Development Bank in the early period was food production and rural development. In 1970, ADB’s first bond was issued in Japan with a total value of $ 16.7 million. With the passage of time, various schemes were introduced by the ADB. In this series, the Asian Development Fund was established in 1974, which aims to provide loans to poor countries at low interest to develop the Asia region. In 1982, the first field office of ADB was established in Bangladesh to help the needy people by staying with them.
May you like this:- What is the full form of AD ?
- The Republic of Korea took a large loan of $ 4 billion to the Republic of Korea during the 1987-88 financial crisis when severe financial turmoil erupted in the region.
- Over $800 million was spent by the Government of Sri Lanka, India, Indonesia, and the Maldives for the recovery of areas that were hit by the Tsunami in 2004.
- The Strategic 2020 Framework was launched in 2008 to address the changing needs of the region.
- Various organizational changes are being made in order to improve business processes and become stronger and better and were presented at a midterm review of the ?Strategy 2020′ in 2014.
If you like this article on What is the full form of ADB? then, share it with your friends and family members.