CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Asian Development Bank (ADB) has recently unveiled a transformative five-year plan aimed at revolutionizing urban infrastructure across India. This ambitious program, announced by the ADB President, is expected to mobilize approximately $10 billion in investment. The initiative reflects the ADB’s commitment to supporting India’s sustainable urban growth and addressing pressing urban challenges, including climate resilience, housing, sanitation, and smart mobility solutions.
About Asian Development Bank (ADB)
The Asian Development Bank (ADB) is a regional multilateral development bank established on December 19, 1966, with the mission of promoting economic and social progress in the Asia-Pacific region. Headquartered in Manila, Philippines, the ADB plays a pivotal role in facilitating regional cooperation, inclusive development, and poverty alleviation.
Vision And Objectives
ADB’s core vision is to achieve a prosperous, inclusive, resilient, and sustainable Asia-Pacific, aligned closely with the United Nations Sustainable Development Goals (SDGs). Its efforts focus on eradicating extreme poverty while fostering sustainable economic growth.
Key Functions And Operations
The ADB delivers support to its developing member countries (DMCs) through a wide range of financial and technical instruments, including:
Loans and Grants for infrastructure development, poverty reduction, and policy reform
Equity Investments to support the private sector
Technical Assistance for capacity building and project implementation
Policy Dialogues and Advisory Services to guide reforms and planning
Cofinancing Mechanisms involving official development partners and commercial institutions
Its sectoral focus includes six major areas:
Education
Health
Transport and Connectivity
Energy and Power
Financial Sector Development
Climate Change and Environment
Partnership And Private Sector Engagement
ADB collaborates extensively with governments, private companies, NGOs, and other development institutions to mobilize capital, enhance governance, and improve business environments in developing nations. Its role is especially vital in helping countries access climate finance, infrastructure loans, and technical expertise.
Membership Structure
ADB's membership includes 69 countries, with 49 members from Asia and the Pacific and 20 non-regional members from Europe, North America, and other regions. Some key member countries include:
Regional Members: India, China, Japan, Indonesia, South Korea, Australia
Non-Regional Members: United States, United Kingdom, Germany, Canada, France
Membership is open to UN member states or members of its specialized agencies.
Governance And Leadership
ADB’s governance model includes:
A Board of Governors, with one representative from each member country
A Board of Directors, composed of 12 elected members (8 from regional countries and 4 from non-regional ones)
A President, elected by the Board of Governors for a five-year term, who also acts as the Chairperson of the Board
Traditionally, the President of ADB has been from Japan, reflecting its status as one of the bank's largest shareholders.
Voting Rights And Shareholding
ADB follows a weighted voting system, much like the World Bank, where voting power is determined by capital subscriptions.
The top five shareholders are:
Japan – 6%
United States – 6%
People’s Republic of China – 6.4%
India – 6.3%
Australia – 5.8%
This structure ensures a balance between regional leadership and global financial backing.
Sources Of Funding
ADB finances its operations through:
International bond markets (for raising capital)
Member contributions and paid-in capital
Loan repayments and retained earnings
This robust financial model allows it to sustain large-scale development initiatives across the region.
India And ADB: A Strong Partnership
India is the largest recipient of ADB’s development assistance. As of the latest data, India accounts for 14% of the bank’s overall financial commitments. The partnership spans several sectors including:
Urban development
Rural infrastructure
Renewable energy
Public health and education
Industrial corridors and logistics
The new $10 billion initiative will further strengthen this relationship and support India’s goal of building climate-resilient and inclusive urban spaces.
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