The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries. From 31 members at its establishment, ADB now has 67 members - of which 48 are from within Asia and the Pacific and 19 outside. ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with member's capital subscriptions. At present, both the United States and Japan hold 552,210 shares, the largest proportion of shares at 12.756% each. China holds 228,000 shares (6.429%), India holds 224,010 shares (6.317%), the 2nd and 3rd largest proportion of shares respectively.
Read more about Asian Development Bank: Organization, Lending, Notable Projects and Technical Assistance, Effectiveness, Criticism, United Nations Development Business, Strategy 2020, Members
Famous quotes containing the words asian, development and/or bank:
“We are not about to send American boys 9 or 10,000 miles away from home to do what Asian boys ought to be doing for themselves.”
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“I know a bank where the wild thyme blows,
Where oxlips and the nodding violet grows,
Quite overcanopied with luscious woodbine,
With sweet musk-roses, and with eglantine:
There sleeps Titania sometime of the night,
Lulled in these flowers with dances and delight.”
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