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Asian Development Bank (ADB)

ADB was established in Dec. 1966 on the recommendations 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 3 Deputy Chairmen belong to USA, Europe and Asia. From 31 members at its establishment in 1966, ADB has grown to encompass 67 members of which 48 are form within the Asia and Pacific region and 19 outside. Some member countries enter a new phase in their relationship with ADB as defined under the Classification and Graduation Policy.
Georgia is the 67th and newest member, having joined ADB effective February 2, 2007.

The principal functions of ADB are

  1. To make loans and equity investments for the economic and social advancement of its developing member countries;
  2. To provide technical assistance for the preparation and execution of development projects and programs and advisory services;
  3. To respond to the requests for assistance in coordinating development policies and plans in developing member countries; and
  4. To respond to the requests for assistance coordinating development policies and plans of developing member countries.
Asian Development Bank constituted ‘Asian Development Fund’ in 1974, which provides loans to Asian countries on concessional interest rates.

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