Context:
Asian Development Bank forecasted India’s growth at 7.0% this year and 7.2% next year
Asian Development Bank:
- It is a multilateral development bank established to foster economic growth and cooperation among countries in the Asia-Pacific Region.
- Established in – 1966
- Headquarters – Manila, Philippines
- Members – 68 members
- 49 are from within Asia and the Pacific and 19 outside.
- India is a founding member.
- Functions –
- Assists members and partners by providing loans, technical assistance, grants, and equity investments
- Provides financing to certain private sector projects as well as public-private partnerships.
- Organisation Setup –
- Run by a board of governors, which represents the member countries of the ADB.
- ADB was modelled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion to members’ capital subscriptions.
- Largest shareholders – Japan and United States.
- Source of Funding – Relies on member contributions, retained earnings from lending, and the repayment of loans for the funding of the organization.
- Reports Published – Asian Development Outlook
Source: The Telegraph
Previous Year Question
In India, which of the following have the highest share in disbursement of credit to agriculture and allied activities?
[UPSC Civil Service Exam – 2011 Prelims]
(a) Commercial Banks
(b) Cooperative Banks
(c) Regional Rural Banks
(d) Microfinance Institutions
Answer: (a)
