Asian Development Bank

In 1956, Japan's Finance Minister Hisato Ichimada suggested to the US Secretary of State John Foster Dulles the idea of supporting development projects in Southeast Asia through a new financial institution. This proposal eventually led to discussions about establishing the Asian Development Bank.

After three rounds of voting at a ministerial conference in Manila, Tokyo failed to win a majority in the first two rounds. In the final vote, Manila was chosen as the host city for the new development bank, leading to disappointment for Japan.

Watanabe, recommended by Japanese Prime Minister Eisaku Satō, was elected as the first President of the Asian Development Bank at its Inaugural Meeting. Despite initially declining, Watanabe agreed under pressure from other countries.

The Asian Development Bank (ADB) was founded on December 19, 1966, with the aim of promoting social and economic development in Asia. It is headquartered in Mandaluyong, Metro Manila, Philippines.

On 23 January 1968, the Asian Development Bank approved its first loan of $5 million to the Industrial Finance Corporation of Thailand for onlending to industrial enterprises, just over a year after it began operations.

On November 18, 1972, the Asian Development Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines.

Shiro Inoue was appointed as the second President of the Asian Development Bank in 1972. During his tenure, lending commitments of the bank increased from $316 million in 1972 to $776 million in 1976.

In response to the OPEC oil crisis in 1973, the Asian Development Bank increased funding towards the development of domestic energy sources and infrastructure. This was aimed at coping with the economic shock and preparing for future energy market instability.

The Asian Development Fund was established in 1974 to provide low-interest loans to the poorest members of the Asian Development Bank, aiming to support development in the region.

In response to the economic challenges posed by the first oil crisis, the Asian Development Bank, under Shiro Inoue's leadership, supported the development of indigenous energy resources and dam projects for electricity generation in the region's developing countries.

Taroichi Yoshida served from November 24, 1976, to November 23, 1981.

Takeshi Watanabe's book 'Towards a New Asia', first published in 1977 and reprinted in 2010, may offer insights into the vision for a new Asia, possibly in the context of development.

In 1982, the Asian Development Bank opened its first field office in Bangladesh, expanding its presence and operations in the region to better serve member countries.

Under Mr. Fujioka's leadership, a third general capital increase was implemented in 1983, raising ADB's capital by 105 percent.

In 1987, the Asian Development Bank outlined a framework for collaboration with non-government organizations (NGOs) to enhance the effectiveness of social development efforts in Asia.

Robert Wihtol's book 'The Asian Development Bank and Rural Development: Policy and Practice', published in 1988, likely delves into the policies and practices of the Asian Development Bank in rural development.

Kimimasa Tarumizu served as the President of the Asian Development Bank from November 24, 1989, to November 23, 1993. During his tenure, ADB focused on various social development objectives and project quality.

In 1995, the Asian Development Bank (ADB) implemented a groundbreaking governance policy, becoming the first multilateral organization to ensure that development assistance was effectively benefiting the impoverished communities. Additionally, policies regarding involuntary resettlement and indigenous peoples were established.

ADB approved its largest single loan of $4 billion as an emergency measure to assist the Republic of Korea during the Asian Financial Crisis in mid-1997. This financial aid was crucial in stabilizing the Korean economy during the crisis.

In 1998, Tajikistan became a member of the Asian Development Bank.

Tadao Chino assumed office as the seventh President of the Asian Development Bank during a challenging period marked by the aftermath of the 1997-1998 financial crisis in several developing member countries.

Tadao Chino's term as the President of the Asian Development Bank concluded after serving from January 16, 1999, to January 31, 2005.

ADB's NGO Center manages cooperation agreements with IUCN and WWF to achieve the common goal of poverty reduction and environmentally sustainable development.

Founded in 2001, the South Asia Subregional Economic Cooperation (SASEC) program focuses on enhancing cross-border connectivity, boosting trade, and strengthening economic cooperation among South Asian countries.

Mitsuo Sato, the sixth President of the Asian Development Bank, passed away in Japan at the age of 69. He implemented reforms to enhance ADB's responsiveness to the needs of developing member countries.

In 2003, the Asian Development Bank responded to the severe acute respiratory syndrome (SARS) epidemic by providing support at national and regional levels to combat infectious diseases like avian influenza and HIV/AIDS, highlighting the importance of regional cooperation in health crises.

After the 2004 Indian Ocean earthquake and tsunami, ADB committed over $850 million for recovery efforts in India, Indonesia, Maldives, and Sri Lanka, helping the impacted regions.

Haruhiko Kuroda started his tenure as the President of the Asian Development Bank on February 1, 2005, and continued in this role for over 8 years until March 18, 2013.

Brunei Darussalam joined the Asian Development Bank (ADB) in 2006, becoming a member of the bank. This membership enabled Brunei Darussalam to benefit from ADB's financial resources and expertise in development projects.

In November/December 2007, an article in Dollars & Sense magazine discussed the worsening inequality across Asia based on recent reports from the Asian Development Bank.

Takehiko Nakao assumed the role of President of the Asian Development Bank on April 28, 2013, and held the position for nearly 7 years until January 16, 2020.

The publication highlights the development of ADB's financial policies, strategies, and practices over the decades of its operations. It provides insights into financial management practices in multilateral development banks.

The launch of the five-volume ADB Through the Decades series to commemorate the 50th anniversary of the Asian Development Bank. The series highlights important milestones and key developments in ADB's history.

Under the leadership, ADB expanded its operations by increasing new lending and grants from $14 billion in 2013 to $22 billion in 2018. The merger of Ordinary Capital Resources and concessional lending operation of the Asian Development Fund (ADF) allowed for a larger equity and leverage for concessional lending. Additionally, Strategy 2030 was introduced.

As of March 23, 2019, the Asian Development Bank has 68 members, with 49 members from the Asian and Pacific Region and 19 members from Other Regions. The year listed after a member's name indicates the year of their membership.

On February 26, 2020, the Asian Development Bank raised $118 million from rupee-linked bonds to support the development of India International Exchange in India, contributing to an established yield curve with outstanding bonds stretching from 2021 through 2030.

As of December 31, 2020, Japan and the United States hold the largest proportion of shares in the Asian Development Bank (ADB) at 15.571% each. China, India, and Australia also hold significant shares.

Masao Fujioka, who was involved in various financial initiatives at ADB, passed away in Japan at the age of 97.

The ADB Annual Report 2022 highlights how the Asian Development Bank utilized finance, knowledge, and partnerships to assist its developing member countries in recovering from the COVID-19 pandemic and tackling new challenges.

The Asian Development Bank Annual Meeting is a yearly event where member countries come together to discuss and make decisions on important issues related to development projects, investments, and policies in the Asia-Pacific region.

A strategic plan outlining the operational priorities for the future, likely focusing on key areas of development and growth.