ADB was established in Dec. 1966 on the recommendation of ECAFE (Economic Commission for Asia and Far East). The aim of this Bank is to accelerate economic and social development in Asia and Pacific region. The Bank started its functioning on January 1, 1967. The head office of the Bank is located at Manila, Philippines. It is worth mentioning here the Chairmanship of ADB is always allotted to a Japanese while its three Deputy Chairman belong to USA, Europe and Asia. At present, 63 nations are partner members of ADB.
The principle functions of ADB are:
- To make loans and equity investments for the economic and social advancement of its developing member countries.
- To provide technical assistance for the preparation and execution of development projects and programs and advisory services.
- To respond to the request for assistance in coordinating development policies and plans in developing member countries.
Asian Development Bank constituted 'Asian Development Fund' in 1974, which provides loans to Asian countries on concessional interest rates. India started borrowing from ADB's Ordinary Capital Resources (OCR) in 1986.
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