Aiding Nations In Their Quest For Economic, Social Growth

The Asian Development Bank is a multilateral financial institution established in 1966 to promote investments and balanced development in the Asia-Pacific region. Founded with 31 members, including Korea, Japan and Indonesia, ADB's membership has grown to 59 with the admission of Turkmenistan last year. The organization includes 16 members outside the Asia Pacific region and 43 members within.

ADB has its headquarters in Manila, and 19 other offices around the world, which are operated by about 2,000 staff members from nearly 50 countries. The Board of Governors, comprising one representative from each member country, meets annually. It elects the 12 members of the Board of Directors and the ADB President.

The Asian Development Bank extends loans to and invests in its developing member countries, with a special focus on eliminating poverty in the Asia Pacific region. It also provides technical assistance for the planning and execution of an array of development projects and programs.

In 2000, ADB provided loans totaling $5.8 billion to 74 public and private projects, 24 percent of that aid was aimed at expanding social overhead capital. India was the largest borrower in 2000, followed by the People's Republic of China, Indonesia and Pakistan.

Operations are financed by issuing bonds, recycling repayments and donations from members. ADB has a triple-A rating and typically raises $4 billion-$5 billion a year from bond issues.

Like any other bank, ADB has shareholders. Of the 59 members, Japan and the United States are the largest shareholders, each with a 15.9 percent stake.

by Kim Hyo-jin