Definition: The Asian Development Bank (ADB) brings together private sector leaders, civil society organizations, and other Asia Pacific leaders to discuss common concerns. These include economic development, environment, poverty, governance, international relations, and development financing. The ADB plays an integral part in globalizing Asian economies by providing various development tools and information services. ADB members cooperate closely with each other in implementing policies aimed at promoting sustainable development both within their own countries and internationally.
The primary objective of the ADB is to assist Asian countries in achieving sustainable development goals through a variety of financing and development tools, including economic development assistance, infrastructure development, poverty reduction, socially sustainable economic growth, and diversity
The ADB works closely with governments, businesses, civil society, and other organizations on strategic initiatives aimed at improving living standards, increasing opportunities, and accelerating development. It coordinates development programs and infrastructure investment to enhance global economic security and growth, contributing to stronger economic growth, greater freedom of entry for investors, faster return on investment, and improved social and economic development within Asia.
The ADB strives to work with countries, businesses, and private sector organizations on long-term sustainable development strategies. It provides technical assistance and capacity building, provides loan guarantees and investment services, promotes environment-friendly practices in corporate social responsibility programs, and encourages growth in knowledge-based industries through its research offices and network of partners.
The ADB’s focus is on innovative financing solutions to achieve sustainable development goals in Asia. The bank seeks to enhance financial literacy among citizens and strengthen the economy through business development programs and infrastructure development. These financial incentives encourage individuals and businesses to make efficient use of available resources while promoting sound economic practices in all areas of activity.
Since the onset of the pandemic COVID-19 in mid-May 2020, the Asian Development Bank (ADB) has deployed more than US $17.5 billion to address the consequences of the pandemic, part of its broader Global Health Security agenda. The ADB currently supports vaccination efforts for up to 100 million children, women, and men and supports disease control infrastructure. More than half of the funds have been disbursed since the end of July 2020. ADB also continues to work closely with other partners seeking to strengthen global health security through innovation and capacity building at a local level.
Asian Development Bank (ADB) creates opportunities and helps individuals and communities achieve development objectives. Since its creation in 1955, it has significantly impacted poverty alleviation, peace, and security in Asia. Founded by Japan and the United States, ADB is a multilateral economic organization consisting of nine agencies and bureaus. While the World Bank works with many countries worldwide, its financing capacity remains concentrated in three countries: Japan with an 80 percent stake, the United States with a 14 percent stake, and South Korea with a 6 percent stake.
The ADB’s Board of Directors ensures a balance between auditing activities and policy-making responsibilities. In this manner, the ADB remains a forum for dialogue among countries and stakeholders within those countries on development and sustainable development issues. Its members are free to take positions on subjects within their fields without risking their management positions with the organization.