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Full form of ADB

Full form of ADB

The full form of ADB is the Asian Development Bank. ADB is a regional development bank that aims to achieve a stable, healthy, inclusive, and sustainable Asia and the Pacific while supporting and strengthening its efforts to reduce extreme poverty.

ADB was established in Asia and the Pacific to reduce poverty and promote economic growth, development, and mutual support. It promotes social and economic growth and development in participating countries by providing loans, grants, and technical support. It consists of 67 members, including 48 from the Asia-Pacific region.

History of ADB

  • In the early 1960s, the idea of ??ADB was established. Subsequently, the decision to install the ADB was agreed upon at the First Ministerial Conference on Asian Economic Cooperation in 1963.
  • On December 19, 1966, the ADB was established with a 31-member committee, and Takeshi Watanabe became the very first president. In the early stages, ADB focused on agricultural growth and food processing.
  •  In 1974, the Asian Development Fund was established to lend money to the weakest member countries at low interest.
  • In 1982, the first field office in Bangladesh was established to reach out to the people most in need.
  • In mid-1997, during the financial crisis in the region, it launched projects to strengthen the banking sector, i.e., it approved the most important loan of the Republic of Korea worth 4 billion dollars a year.
  • In 2004, it invested over $800 million in reconstructing tsunami-affected areas in India, Sri Lanka, Indonesia, and the Maldives.
  • In 2008, a new global policy structure, "Strategy 2020," was launched to operate in response to the region's growing needs.
  • In 2014, a mid-term systematic review of Strategy 2020 was published, and several operational improvements were initiated to improve the company's processes and become stronger and better.adb full form

Priority Areas of ADB

The fields in which ADB operations offer significance are as follows

  • Infrastructure
  • Finance Sector development
  • Education.
  • Environment
  • Regional integration