Asian Development Bank(ADB):-
Asian Development Bank is a regional development Bank established in December 1966, Headquartered at Manila, Philippines. It admits the members of the United Nations Economic and Social Commission for Asia and Pacific and non-regional developed countries. It has 68 members of which 48 are within Asia and the Pacific and 19 from outside. It was modeled on the World Bank and has a similar voting system.
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Japan and the US hold the largest preparation of shares followed by China, India and Australia.
Asian Development Banks’s(ADB) mission is to help its developing member countries from Asia and Pacific, to reduce poverty and improve the quality of life of their people through the inclusive economic growth, environmentally sustainable growth and regional integration.
- Environment, Climate change, and Disaster Risk Management.
- Finance sector development.
- Infrastructure, including water supply and sanitation and urban development.
- Private sector leading.
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However, critics have charged that the two major donors’, Japan and the United States, have had extensive influence over lending, policy and Staffing decisions. There had been criticism that Asian Development Banks’s large scale projects cause social and environmental damage due to lack of oversight. One of the most controversial projects is Thailand’s Mae Moh coal-fired station. The Bank has also criticized over its role and relevance in the food crisis.
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Operating at the global and international level, these banks should not undermine human rights and should not ignore the environmental impact of their project. They should give more focus on green and sustainable projects.