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Reference.org
Asian Development Bank
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<p>The Asian Development Bank (ADB) is a <a href="/facts/Multilateral_development_bank/VKeffxUE">regional development bank</a> to promote social and <a href="/facts/Economic_development/4KRrMBaM">economic development</a> in Asia. The bank is headquartered in <a href="/facts/Metro_Manila/DQT25K5w">Metro Manila</a>, <a href="/facts/Philippines/ARpmxXQV">Philippines</a> and maintains 31 field offices around the world </p><p>The bank was established on 19 December 1966 and admits the members of the <a href="/facts/United_Nations_Economic_and_Social_Commission_for_Asia_and_the_Pacific/MEVtKbdd">UN Economic and Social Commission for Asia and the Pacific</a> (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE), and non-regional <a href="/facts/Developed_country/sqwTSDHm">developed countries</a>. Starting with 31 members at its establishment, by 2019 ADB had 69 members. </p><p>The ADB was modeled closely on the <a href="/facts/World_Bank/hIH9uUb2">World Bank</a> 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. After completing their study programs, scholars are expected to contribute to the economic and social development of their home countries. ADB holds the status of an official United Nations Observer. </p><p>As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. </p>