ADB Full Form
ADB Full Form is Asian Development Bank. It is a regional development bank that is Asian in character. It was established to reduce poverty and boost economic growth and cooperation in Asia and the Pacific. It helps in the development of member countries by providing grants loans and technical assistance. It has. It’s headquartered at Ortigas Center Mandaluyong, Metro Manila, Philippines as of August 2018, Takehiko Nakao is the president of ADB. and Member over 67 countries.
Areas of Focus-
ADB operations give emphasis on these areas :
- Regional integration
- Finance Sector development
- The Notion of Asian Development Bank conceived in the early 1960s. Afterward, there was a resolution passed at the Ministerial Conference on Asian Financial Institution in 1963 to launch the ADB.
- About 19 December 1966, ADB was established with 31 members and Takeshi Watanabe as its first President. Initially, ADB was focused on Food rural development and production.
- In 1970, ADB’s first bond issue worth $16.7 million registered in Japan.(Read Also :ADIDAS Full Form)
- In 1974, the Asian Development Fund was established to present low-interest loans to the poorest member states.
- In 1982, it opened its first field office in Bangladesh to come closer to the people in need.
- In mid-1997, during the severe financial crisis in the region, it Started projects to strengthen the financial sector, i.e. it accepted Its largest loan worth $ 4 billion to the Republic of Korea.
- In 2004, it spent more than $800 million for the retrieval of areas struck by Tsunami in Sri Lanka, India, Indonesia, and the Maldives.
- In 2008, it established a brand new long-term strategy framework’Strategy 2020’ to react to the changing needs of the region.
- In 2014, a midterm review of this ? Strategy 2020 ? Was published and Various organizational changes have been introduced to enhance the small business Procedures and to become better and stronger.