ASIAN DEVELOPMENT BANK

The Asian Development Bank (ADB) is a regional development bank established on 19 December
1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro
Manila, Philippines. The company also maintains 31 field offices around the world to promote social
and economic development in Asia. The bank admits the members of the United Nations Economic
and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for
Asia and the Far East or ECAFE) and non-regional developed countries.From 31 members at its
establishment, ADB now has 68 members.

The ADB was modeled closely on the World Bank, and has a similar weighted voting system where
votes are distributed in proportion with members' capital subscriptions. ADB releases an annual
report that summarizes its operations, budget and other materials for review by the public. The
ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic
institutions located in 10 countries within the Region. Upon completion of their study programs,
scholars are expected to contribute to the economic and social development of their home
countries.ADB is an official United Nations Observer.

The highest policy-making body of the bank is the Board of Governors, composed of one
representative from each member state. The Board of Governors, in turn, elect among themselves
the twelve members of the Board of Directors and their deputies. Eight of the twelve members come
from regional (Asia-Pacific) members while the others come from non-regional members.

The Board of Governors also elect the bank's president, who is the chairperson of the Board of
Directors and manages ADB. The president has a term of office lasting five years, and may be
reelected. Traditionally, and because Japan is one of the largest shareholders of the bank, the
president has always been Japanese.

The current president is Masatsugu Asakawa. He succeeded Takehiko Nakao on 17 January 2020,
who succeeded Haruhiko Kuroda in 2013.

The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines,and it
has 31 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo
and Sydney. The bank employs about 3,000 people, representing 60 of its 67 members.
The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and
"soft" loans with lower interest rates to poorer countries in the region. Based on a new policy, both
types of loans will be sourced starting January 2017 from the bank's ordinary capital resources
(OCR), which functions as its general operational fund.

The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings
beyond commercial loans. They also have the capability to provide guarantees, equity and
mezzanine finance (a combination of debt and equity).

In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its
"nonsovereign" operations. ADB's operations in 2017, including grants and cofinancing, totaled
$28.9 billion.

ADB obtains its funding by issuing bonds on the world's capital markets. It also relies on the
contributions of member countries, retained earnings from lending operations, and the repayment
of loans.