Why in the news?

• The ADB has revised India’s economic growth forecast upward to 7.2% for the current fiscal.

Asian Development Bank (ADB)

• Formation: Established in 1966.
• Headquartered: Manila, Philippines.
• Members: Owned by 68 members.
• Aim: To promote social and economic development in Asia and the Pacific.
• Objectives:
  • It is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty.
  • Further, it assists members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development.
• Shareholders: ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).

Source: Times of India