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128-585: The Asian Development Bank ( ADB ) is a regional development bank established on 19 December 1966, which is headquartered in 6 ADB Avenue, Mandaluyong , Metro Manila 1550, Philippines . The bank also maintains 31 field offices around the world to promote social and economic development in Asia. The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly

256-409: A New Deal platform and was effectively aided by his wife. He served as a U.S. Representative from April 10, 1937, to January 3, 1949. President Roosevelt found Johnson to be a political ally and conduit for information, particularly regarding the internal politics of Texas and the machinations of Vice President John Nance Garner and House Speaker Sam Rayburn . Johnson was immediately appointed to

384-468: A developing country and its emerging market , hence the term bilateral , as opposed to multilateral . Examples include: Financial institutions of neighboring countries established themselves internationally to pursue and finance activities in areas of mutual interest; most of them are central banks , followed by development and investment banks. The table below lists some of them in chronological order of when they were founded or listed as functioning as

512-411: A social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth , and regional integration . This is carried out through investments – in the form of loans, grants and information sharing – in infrastructure, health care services, financial and public administration systems, helping countries prepare for

640-540: A $ 4 billion emergency loan to South Korea. In 1999, ADB adopted poverty reduction as its overarching goal. The early 2000s saw a dramatic expansion of private sector finance. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. However, beginning in 2002,

768-581: A Bachelor of Science in history and his certificate of qualification as a high school teacher. He briefly taught at Pearsall High School in Pearsall, Texas before taking a position teaching public speaking at Sam Houston High School in Houston. When he returned to San Marcos in 1965, after signing the Higher Education Act of 1965 , Johnson reminisced: I shall never forget the faces of

896-897: A U.S. representative, he was called to active duty three days after the Japanese attack on Pearl Harbor in December 1941. His first orders were to report to the Office of the Chief of Naval Operations in Washington, D.C. , for instruction and training. Following his training, Johnson asked Undersecretary of the Navy James Forrestal for a job in Washington, D.C. He was instead sent to inspect shipyard facilities in Texas and on

1024-614: A day laborer. In 1926, Johnson enrolled at SWTSTC. He worked his way through school, participated in debate and campus politics, and edited the school newspaper, The College Star . The college years refined his skills of persuasion and political organization. For nine months, from 1928 to 1929, Johnson paused his studies to teach Mexican–American children at the segregated Welhausen School in Cotulla, Texas , 90 miles (140 km) south of San Antonio . The job helped him to save money to complete his education, and he graduated in 1930 with

1152-478: A geographic concentration area for their development objectives. With this geographic and thematic focus, funding for a variety of ventures – often resource-intense infrastructure projects – is provided. Since MDBs have a shareholding structure and are backed by member countries, they tend to profit from favorable loan conditions compared to other banks and can therefore take more risks in their investment strategy. This aids their development-driven cause. Since

1280-492: A hostile position towards civil rights legislation like almost all other Southern Democrat legislators; voting against anti- lynching legislation, anti- poll tax legislation and the Fair Employment Practice Committee . In April 1941, incumbent U.S. Senator Morris Sheppard from Texas died. Under Texas law, a special election for a vacant Senate seat must be held within a few months of

1408-424: A large amount of funds from commercial sources to finance these projects by holding no more than 25% of any given transaction. ADB partners with other development organizations on some projects to increase the amount of funding available. In 2014, $ 9.2 billion—or nearly half—of ADB's $ 22.9 billion in operations were financed by other organizations. According to Jason Rush, Principal Communication Specialist,

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1536-614: A legal entity. Some institutions were conceived and started working informally 2 decades before their legal inception (e.g. the South East Asian Central Banks Centre) Lyndon B. Johnson Lyndon Baines Johnson ( / ˈ l ɪ n d ə n ˈ b eɪ n z / ; August 27, 1908 – January 22, 1973), also known as LBJ , was the 36th president of the United States , serving from 1963 to 1969. He became president after

1664-423: A majority of one (29–28). The state Democratic convention upheld Johnson. Stevenson went to court, eventually taking his case before the U.S. Supreme Court , but with timely help from his friend and future U.S. Supreme Court Justice Abe Fortas , Johnson prevailed on the basis that jurisdiction over naming a nominee rested with the party, not the federal government. Johnson soundly defeated Republican Jack Porter in

1792-522: A ministerial conference in Manila in November/December 1965. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. Therefore, Manila was declared the host of

1920-583: A mission similar to that of the Truman Committee in the Senate. He probed the peacetime "business as usual" inefficiencies that permeated the naval war and demanded that admirals get the job done. Johnson went too far when he proposed a bill that would crack down on the draft exemptions of shipyard workers if they were absent from work too often; organized labor blocked the bill and denounced him. Johnson's biographer Robert Dallek concludes, "The mission

2048-516: A movie camera to record conditions, and reported to Roosevelt, Navy leaders, and Congress that conditions were deplorable and unacceptable. Some historians have suggested this was in exchange for MacArthur's recommendation to award the Silver Star. He argued that the southwest Pacific urgently needed a higher priority and a larger share of war supplies. Warplanes that were sent there were "far inferior" to Japanese planes, and U.S. Navy morale there

2176-743: A new financial institution for the region. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. But the US did not warm to the plan and the concept was shelved. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank", July 2017. The idea came up again late in 1962 when Kaoru Ohashi, an economist from

2304-628: A research institute in Tokyo, visited Takeshi Watanabe , then a private financial consultant in Tokyo, and proposed a study group to form a development bank for the Asian region. The group met regularly in 1963, examining various scenarios for setting up a new institution and drew on Watanabe's experiences with the World Bank . However, the idea received a cool reception from the World Bank itself and

2432-560: A severe food crisis , while also addressing climate change with significant financial commitments, including $ 6.7 billion for climate initiatives and a $ 14 billion package for food security. The ADB committed a total of $ 20.5 billion in various forms of assistance, including private sector financing, and fostered regional cooperation, with a focus on gender equality , education, healthcare , and unlocking additional resources through innovative financial mechanisms. The report also notes organizational reforms for increased efficacy,

2560-598: A small farmhouse on the Pedernales River . He was the eldest of five children born to Samuel Ealy Johnson Jr. and Rebekah Baines. Johnson wasn't given a name until he was three months old, as his parents couldn't agree on a name that both liked. Finally, he was named after "criminal lawyer—a county lawyer" W. C. Linden, who his father liked; his mother agreed on the condition of spelling it as Lyndon. Johnson had one brother, Sam Houston Johnson , and three sisters, Rebekah, Josefa, and Lucia. Through his mother, he

2688-470: A week. Johnson was announced the winner by 87 votes out of 988,295, an extremely narrow margin. However, Johnson's victory was based on 200 "patently fraudulent" ballots reported six days after the election from Box 13 in Jim Wells County , in an area dominated by political boss George Parr . The added names were in alphabetical order and written with the same pen and handwriting, at the end of

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2816-443: Is Thailand 's Mae Moh coal-fired power station . Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement , while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials. The bank has been criticized over its role and relevance in

2944-426: Is a development bank , created by a group of countries, that provides financing , technical assistance and professional advice to enhance development . An MDB has many members, including developed donor countries and developing borrower countries. MDBs finance projects through long-term loans at market rates, very-long-term loans below market rates (also known as credits), and grants. Additionally, MDBs often have

3072-445: Is effectively shared responsibility for repayment, the banks can often borrow more cheaply than could any one member nation. These banks include: There are also several multilateral financial institutions (MFIs). MFIs are similar to MDBs but they are sometimes separated since they have more limited memberships and often focus on financing certain types of projects. The best-known IFIs were established after World War II to assist in

3200-502: Is to date the only President in U.S. history to be sworn in by a woman. Johnson was convinced of the need to make an immediate show of transition of power after the assassination to provide stability to a grieving nation. He and the Secret Service , not knowing whether the assassin acted alone or as part of a broader conspiracy , felt compelled to return rapidly to Washington, D.C.; this was greeted by some with assertions that he

3328-430: The 1932 U.S. presidential election , Johnson became a lifelong supporter of Roosevelt's New Deal . Johnson was elected speaker of the "Little Congress", a group of Congressional aides, where he cultivated Congressmen, newspapermen, and lobbyists. Johnson's friends soon included aides to President Roosevelt as well as fellow Texans such as vice president John Nance Garner and congressman Sam Rayburn . In 1935, Johnson

3456-657: The 2004 Indian Ocean earthquake and tsunami . In addition, $ 1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. In December 2005, China donated $ 20 million to the ADB for a regional poverty alleviation fund; China's first such fund set up at an international institution. In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $ 55 billion to $ 165 billion, giving it much-needed resources to respond to

3584-517: The 22nd Bomb Group base, which was assigned the high-risk mission of bombing the Japanese airbase at Lae in New Guinea . On June 9, 1942, Johnson volunteered as an observer for an airstrike on New Guinea. Reports vary on what happened to the aircraft carrying Johnson during that mission. MacArthur recommended Johnson for the Silver Star for gallantry in action; the citation indicated that

3712-668: The Civil Rights Acts of 1957 and 1960 to passage ‍—‌ the first civil rights bills to pass Congress since the Enforcement Acts and the Civil Rights Act of 1875 during Reconstruction . Johnson negotiated a middle course between Northern liberal senators and the Southern bloc of senators who had opposed such legislation by removing key enforcement provisions, such as Title III, which authorized

3840-580: The European Bank for Reconstruction and Development . The Islamic Development Bank is among the leading multilateral development banks. IsDB is the only multilateral development bank after the World Bank that is global in terms of its membership. 56 member countries of IsDB are spread over Asia, Africa, Europe and Latin America. A bilateral development bank is a financial institution set up by one individual country to finance development projects in

3968-612: The Korean War began in 1950, he called for more troops and for improved weapons. Johnson ensured that every report was endorsed unanimously by his committee. He used his political influence in the Senate to receive broadcast licenses from the Federal Communications Commission in his wife's name. In the 1952 elections , Republicans won a majority in both the House and Senate. In January 1953, Johnson

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4096-663: The Naval Affairs Committee . He worked hard for rural electrification , getting approval to complete the hydroelectric Mansfield Dam on the Colorado River near Austin. Johnson also sponsored projects that gave his Texas district soil conservation , public housing , lower railroad freight rates , and expanded credit for loans to farmers. He steered the projects towards contractors he knew, such as Herman and George Brown , who financed much of Johnson's future career. During this time Johnson maintained

4224-613: The Southern Caucus within the Conservative coalition that dominated the Senate. With Russell's support, Johnson won election as Democratic whip in 1951, serving in this capacity until 1953. While serving as whip, Johnson increased his ability to persuade people to reach agreement. As a member of the Senate Committee on Interstate and Foreign Commerce , he was chairman of the Senate subcommittee that refused

4352-500: The United Nations Environmental Program , stating in a report that "much of the growth has bypassed more than 70 percent of its rural population, many of whom are directly dependent on natural resources for livelihoods and incomes." There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. One of the most controversial ADB-related projects

4480-511: The United States House of Representatives , he appointed Johnson as his legislative secretary. This marked Johnson's formal introduction to politics. Johnson secured the position on the recommendation of his father and that of state senator Welly Hopkins, for whom Johnson had campaigned in 1930. Kleberg had little interest in the day-to-day duties of a Congressman, instead delegating them to Johnson. After Franklin D. Roosevelt won

4608-664: The West Coast . In the spring of 1942, President Roosevelt decided he needed better information on conditions in the Southwest Pacific , and wanted a trusted political ally to obtain it. Forrestal suggested Johnson. Roosevelt assigned Johnson to a three-man survey team covering the Southwest Pacific. Johnson reported to General Douglas MacArthur in Australia. Johnson and two U.S. Army officers went to

4736-601: The food crisis . The ADB has been accused by civil society of ignoring warnings leading up the crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading to problems such as the rice supply shortage in Southeast Asia. Indeed, whereas the Private Sector Operations Department (PSOD) closed out that year with financings of $ 2.4 billion,

4864-499: The global economic crisis . The 200% increase is the largest in ADB's history, and was the first since 1994. Asia moved beyond the economic crisis and by 2010 had emerged as a new engine of global economic growth though it remained home to two-thirds of the world's poor. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. ADB responded to this with loans and grants that encouraged economic growth. In early 2012,

4992-550: The 2020s, in the context of the G20 , the World Bank - IMF Annual Meetings and other International Summits, MDBs have committed to multiple shared reform objectives. This MDBs Reform process aims to integrate MDBs in terms of operational practices, objectives, financial metrics and governance structures, enabling them to work as a system in development projects, to mobilize additional capital and achieve credit rating stability. The Capital Adequacy Framework (CAF) reform has been one of

5120-561: The ADB began to re-engage with Myanmar in response to reforms initiated by the government. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). The result was to expand the OCR balance sheet to permit increasing annual lending and grants to $ 20 billion by 2020 – 50% more than

5248-603: The ADB has significantly dropped below that level in the years since and is clearly not on the path to achieving its stated goal of 50% of financings to the private sector by 2020. Critics also point out that the PSOD is the only department that actually makes money for the ADB. Hence, with the vast majority of loans going to concessionary (sub-market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses. Multilateral development bank A Multilateral Development Bank ( MDB )

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5376-638: The ADB into a high-impact development agency. On 18 November 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City , Philippines. On 31 May 1991, ADB moved its offices to Ortigas Center in Pasig City , with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises. In the 1990s, ADB began promoting regional cooperation by helping the countries on

5504-671: The ADB undertook a dramatic expansion of private sector lending under a new team. Over the course of the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the ADB. This culminated with the Board's formal recognition of these achievements in March 2008, when the board of directors formally adopted the Long Term strategic Framework (LTSF). That document formally stated that assistance to private sector development

5632-496: The ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy and staffing decisions. Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. "Operating at a global and international level, these banks can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities." The bank also received criticism from

5760-577: The Agricultural Special Fund in April 1968. Watanabe served as the first ADB president to 1972. In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. ADB focused on improving roads and providing electricity. When

5888-548: The American labor movement". At the same time as his vice presidential run, Johnson also sought a third term in the U.S. Senate. According to Robert Caro: Johnson won an election for both the vice presidency of the United States, on the Kennedy–Johnson ticket, and for a third term as senator (he had Texas law changed to allow him to run for both offices). When he won the vice presidency, he made arrangements to resign from

6016-530: The Bank communicates with many other multilateral organizations. More than 50 financing partnership facilities, trust funds, and other funds – totaling several billion each year – are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. ADB has raised Rupees 5 billion or around Rupees 5 billion from its issuance of 5-year offshore Indian rupee (INR) linked bonds. On 26 February 2020, ADB raises $ 118 million from rupee-linked bonds and supporting

6144-573: The Economic Commission for Asia and the Far East or ECAFE), and non-regional developed countries . Starting with 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

6272-597: The House, which permitted him to maintain numerous allies, including George Berham Parr , who ran a political machine in the Lower Rio Grande Valley in South Texas. U.S. Senator W. Lee O'Daniel became unpopular during his time in the Senate, and decided to forgo a bid for re-election in 1948, so Johnson began preparing for a close Senate runoff by arranging for his supporters who controlled votes, including Parr, to withhold their final tallies until

6400-532: The Mekong River to trade and work together. The decade also saw an expansion of ADB's membership with the addition of several Central Asian countries following the end of the Cold War. In mid-1997, ADB responded to the financial crisis that hit the region with projects designed to strengthen financial sectors and create social safety nets for the poor. During the crisis, ADB approved its largest single loan –

6528-592: The Navy Reserve, where he was promoted to commander on October 19, 1949, effective June 2, 1948. He resigned from the Navy Reserve effective January 18, 1964. In 1948 , Johnson again ran for the U.S. Senate and won the general election after being declared winner in a highly controversial Democratic Party primary election against the well-known former governor Coke Stevenson . Johnson drew crowds to fairgrounds with his rented Sikorsky S-51 helicopter, dubbed "The Johnson City Windmill". He raised money to flood

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6656-644: The Oval Office and to employ a full-time staff within the White House. In 1961, Kennedy appointed Johnson's friend Sarah T. Hughes to a federal judgeship. Johnson tried but failed to have Hughes nominated at the beginning of his vice presidency. House Speaker Sam Rayburn wrangled the appointment from Kennedy in exchange for support of an administration bill. Many members of the Kennedy White House were openly contemptuous of Johnson, including

6784-537: The Pacific. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. In 1982, ADB opened its first field office, in Bangladesh , and later in the decade, it expanded its work with non-government organizations (NGOs). Japanese presidents Inoue Shiro (1972–76) and Yoshida Taroichi (1976–81) took the spotlight in the 1970s. Fujioka Masao, the fourth president (1981–90), adopted an assertive leadership style, launching an ambitious plan to expand

6912-486: The Senate and, with Democrats winning the majority in the Senate, he became majority leader . President Dwight D. Eisenhower found Johnson more cooperative than the Senate Republican leader, William F. Knowland of California. Particularly on foreign policy, Johnson offered bipartisan support to the president. Historians Caro and Dallek consider Johnson the most effective Senate majority leader ever. He

7040-427: The Senate rendered him a potential Democratic presidential candidate. James H. Rowe repeatedly urged Johnson to launch a campaign in early 1959, but Johnson thought it was better to wait, thinking that Senator John F. Kennedy 's candidacy would create a division in the ranks that could then be exploited. Johnson's strategy was to sit out the primaries and to rely on his legislative record as Senate Majority Leader ,

7168-451: The Senate, as he was required to do under federal law, as soon as it convened on January 3, 1961. Johnson was re-elected senator with 1,306,605 votes (58 percent) to Republican John Tower 's 927,653 (41.1 percent). Fellow Democrat William A. Blakley was appointed to replace Johnson, but lost a special election in May 1961 to Tower. After the election, Johnson was concerned about

7296-408: The Senate. The lieutenant governor, Coke R. Stevenson , was not in favor of prohibition, making his possible promotion to Governor a key selling point for the state's business interests in manipulating the election results. In the final vote tally, Johnson fell short by just 0.23% of the vote. While Johnson's loss in the 1941 Senate race was a stinging defeat, he did not have to give up his seat in

7424-523: The South. President Kennedy was assassinated on November 22, 1963, in Dallas , Texas. Later that day, Johnson took the presidential oath of office aboard Air Force One . Cecil Stoughton 's iconic photograph of Johnson taking the oath of office as Mrs. Kennedy looks on is the most famous photo ever taken aboard a presidential aircraft. Johnson was sworn in by District Court judge Sarah T. Hughes and

7552-764: The World Bank group's activities, but with particular focus on a specific region. Shareholders usually consist of the regional countries plus the major donor countries. The best-known of these regional banks cover regions that roughly correspond to United Nations regional groupings, including the Inter-American Development Bank , the Asian Development Bank ; the African Development Bank ; the Central American Bank for Economic Integration ; and

7680-594: The adoption of a hybrid work model following the full reopening of its headquarters. ADB has an information disclosure policy that presumes all information that is produced by the institution should be disclosed to the public unless there is a specific reason to keep it confidential. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents. ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. Since

7808-463: The assassination of John F. Kennedy , under whom he had served as the 37th vice president from 1961 to 1963. A Democrat from Texas , Johnson previously served as a U.S. representative and U.S. senator . Born in Stonewall, Texas , Johnson worked as a teacher and a congressional aide before winning election to the U.S. House of Representatives in 1937. In 1948, he was controversially declared

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7936-622: The attorney general to initiate civil action for preventive relief in a wide range of civil rights matters. Being a Southerner was seen as an impossible barrier for a presidential candidate and towards the end of his Senate career as well as not signing the Southern Manifesto, he distanced himself further from the Southern Caucus in 1959 by joining the Democrat's Western regional conference. In 1960 , Johnson's success in

8064-473: The bank is at 6 ADB Avenue, Mandaluyong , Metro Manila , Philippines , and it has 42 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 68 members. As early as 1956, Japan Finance Minister Hisato Ichimada had suggested to United States Secretary of State John Foster Dulles that development projects in Southeast Asia could be supported by

8192-603: 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 "non-sovereign" operations. ADB's operations in 2017, including grants and co-financing, totaled $ 28.9 billion. ADB obtains its funding by issuing bonds on

8320-442: The boys and the girls in that little Welhausen Mexican School, and I remember even yet the pain of realizing and knowing then that college was closed to practically every one of those children because they were too poor. And I think it was then that I made up my mind that this nation could never rest while the door to knowledge remained closed to any American. After Richard M. Kleberg won a 1931 special election to represent Texas in

8448-462: The building of the Berlin Wall . He also attended Cabinet and National Security Council meetings. Kennedy gave Johnson control over all presidential appointments involving Texas, and appointed him chairman of the President's Ad Hoc Committee for Science. Kennedy also appointed Johnson Chairman of the National Aeronautics and Space Council . The Soviets beat the United States with the first crewed spaceflight in April 1961, and Kennedy gave Johnson

8576-424: The creation of Medicare and Medicaid . Johnson made the Apollo program a national priority; enacted the Higher Education Act of 1965 , which established federally insured student loans; and signed the Immigration and Nationality Act of 1965 , which laid the groundwork for U.S. immigration policy today. Johnson's stance on civil rights put him at odds with other white, Southern Democrats . His civil rights legacy

8704-402: The development of India International Exchange in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $ 1 billion of outstanding bonds. The 2022 Annual Report details ADB's efforts in aiding its developing member countries to overcome the aftermath of the COVID-19 pandemic , tackle new challenges like the Russian invasion of Ukraine and

8832-409: The end of 1972, Japan had contributed $ 173.7 million (22.6% of the total) to the ordinary capital resources and $ 122.6 million (59.6% of the total) to the special funds. In contrast, the United States contributed only $ 1.25 million to the special fund. After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. At the time, Asia was one of

8960-487: The executive branch. He drafted an executive order for Kennedy's signature, granting Johnson "general supervision" over matters of national security, and requiring all government agencies to "cooperate fully with the vice president in the carrying out of these assignments". Kennedy's response was to sign a non-binding letter requesting Johnson to "review" national security policies instead. Kennedy similarly turned down early requests from Johnson to be given an office adjacent to

9088-402: The general election . Vice President Johnson assumed the presidency in 1963, after President Kennedy was assassinated. The following year, Johnson was elected to the presidency in a landslide , winning the largest share of the popular vote for the Democratic Party in history, and the highest for any candidate since the advent of widespread popular elections in the 1820s. Johnson's Great Society

9216-552: The general election in November and went to Washington, permanently dubbed "Landslide Lyndon". Johnson, dismissive of his critics, happily adopted the nickname. During his two terms in the Senate, Johnson drifted rightward. He felt he had to tread carefully lest he offend politically powerful conservative oil and gas interests in Texas , and in part to curry favor with the chamber's powerful southern chairmen, most notably Senator Richard Russell , Democrat from Georgia and leader of

9344-533: The genius of analogy made The Treatment an almost hypnotic experience and rendered the target stunned and helpless. In 1956, during the Suez Crisis , Johnson tried to prevent the U.S. government from criticizing Israel for its invasion of the Sinai Peninsula . Along with much of the rest of the nation, Johnson was appalled by the threat of possible Soviet domination of space exploration implied by

9472-750: The head of the President's Committee on Equal Employment Opportunities , where Johnson worked with African Americans and other minorities. Kennedy may have intended this to remain a nominal position, but Taylor Branch contends in his book Pillar of Fire that Johnson pushed the Kennedy administration's actions further and faster for civil rights than Kennedy originally intended. Johnson went on multiple minor diplomatic missions, which gave him some insights into global issues and opportunities for self-promotion. During his visit to West Berlin on August 19–20, 1961, Johnson sought to calm Berliners who were outraged by

9600-447: The hint of threat. It was all of these together. It ran the gamut of human emotions. Its velocity was breathtaking and it was all in one direction. Interjections from the target were rare. Johnson anticipated them before they could be spoken. He moved in close, his face a scant millimeter from his target, his eyes widening and narrowing, his eyebrows rising and falling. From his pockets poured clippings, memos, statistics. Mimicry, humor, and

9728-458: The impact of climate change or better manage their natural resources , as well as other areas. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. 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

9856-436: The largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. 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

9984-549: The launch of Sputnik 1 , the first artificial Earth satellite , and used his influence to ensure passage of the National Aeronautics and Space Act of 1958 , which established NASA . Johnson helped establish the Senate Aeronautical and Space Committee , and made himself its first chairman. During his tenure as Majority Leader, Johnson did not sign the 1956 Southern Manifesto , and shepherded

10112-594: The lead... They kept changing the results, and our lead got smaller and smaller and smaller. Finally, on Wednesday afternoon, we wound up on the short side of the stick and lost the election by 1,311 votes. I'm basically responsible for losing that 1941 campaign. We let them know exactly how many votes they had to have. In addition to O'Daniel's allies, state business interests aligned with former impeached and convicted Texas Governor "Pa" Ferguson had been concerned with O'Daniel's support of prohibition as Governor; they believed that he could do much less damage to their cause in

10240-628: The list of voters. Some on this part of the list insisted that they had not voted that day. Election judge Luis Salas said in 1977 that he had certified 202 fraudulent ballots for Johnson. Robert Caro made the case in his 1990 book that Johnson had stolen the election in Jim Wells County, and that there were thousands of fraudulent votes in other counties as well, including 10,000 votes switched in San Antonio . The Democratic State Central Committee voted to certify Johnson's nomination by

10368-461: The main fields of MDB reform, aiming the enhance financing capacity and harmonize financial metrics among MDBs. The following are usually classified as the main MDBs: There are also several "sub-regional" multilateral development banks. Their membership typically includes only borrowing nations. The banks lend to their members, borrowing from the international capital markets . Because there

10496-401: The mission came under attack and Johnson's aircraft experienced mechanical problems, forcing it to turn back before reaching its objective. Others claim that the aircraft turned back because of generator trouble before encountering enemy aircraft and never came under fire, an account that is supported by the aircraft's official flight records. Other airplanes that continued came under fire near

10624-480: The new development bank; the Japanese were mystified and deeply disappointed. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." (Asian Development Bank publication, "Towards a New Asia", 1977, p. 16) On 3 December 1965, Philippine President Diosdado Macapagal lays the foundation stone of the Asian Development Bank. As intensive work took place during 1966 to prepare for

10752-590: The only ballot at the Democratic convention to Kennedy's 806, and so the convention nominated Kennedy. Tip O'Neill was a representative from Kennedy's home state of Massachusetts at that time, and he recalled that Johnson approached him at the convention and said, "Tip, I know you have to support Kennedy at the start, but I'd like to have you with me on the second ballot." O'Neill replied, "Senator, there's not going to be any second ballot." After much discussion with party leaders and others, Kennedy offered Johnson

10880-400: The opening of the new bank in Manila, high on the agenda was choice of president. Japanese Prime Minister Eisaku Satō asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. By

11008-600: 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 re-elected. 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. In 2024, Asakawa announced his resignation effective on 23 February 2025. The headquarters of

11136-554: The poorest regions in the world. Early loans went largely to Indonesia , Thailand , Malaysia , South Korea and the Philippines ; these countries accounted for 78.48% of the total ADB loans between 1967 and 1972. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $ 100 million donation for

11264-574: The president's brother, Attorney General Robert F. Kennedy , and they ridiculed his comparatively brusque and crude manner. Then Congressman Tip O'Neill recalled that the Kennedy brothers "had a disdain for Johnson that they didn't even try to hide.... They actually took pride in snubbing him." Kennedy made efforts to keep Johnson busy and informed, telling aides, "I can't afford to have my vice president, who knows every reporter in Washington, going around saying we're all screwed up, so we're going to keep him happy." Kennedy appointed him to jobs such as

11392-667: The previous level. In 2020, ADB gave a $ 2 million grant from the Asia Pacific Disaster Response Fund, to support the Armenian government in the fight against the spread of COVID-19 pandemic . In the same year, the ADB committed a $ 20 million loan to Electric Networks of Armenia, that will ensure electricity for the citizens during the pandemic, as well as approved $ 500,000 in regional technical assistance to procure personal protective equipment and other medical supplies. The ADB defines itself as

11520-588: The public became frustrated with both the Vietnam War and domestic unrest, including race riots in major cities and increasing crime. Johnson initially sought to run for re-election; however, following disappointing results in the New Hampshire primary he withdrew his candidacy . Johnson retired to his Texas ranch and died in 1973. Public opinion and academic assessments of Johnson's legacy have fluctuated greatly. Historians and scholars rank Johnson in

11648-477: 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. As of 31 December 2020, Japan and the United States each holds

11776-468: The race resulted from his fear of losing. Johnson attempted in vain to capitalize on Kennedy's youth, poor health, and failure to take a position regarding McCarthyism . He had formed a "Stop Kennedy" coalition with Adlai Stevenson , Stuart Symington , and Hubert Humphrey, but it proved a failure. Despite Johnson having the support of established Democrats and the party leadership, this did not translate into popular approval. Johnson received 409 votes on

11904-858: The re-nomination of Leland Olds as Chairman of the Federal Power Commission on the grounds that he had been sympathetic towards Communism. Johnson was appointed to the Senate Armed Services Committee , and became increasingly concerned with the country's military preparedness in the Cold War with the Soviet Union . He became chairman of the Senate Preparedness Investigating Subcommittee , and conducted investigations of defense costs and efficiency. After

12032-652: The reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system . They include the World Bank , the IMF , and the International Finance Corporation . Today the largest IFI in the world is the European Investment Bank which lent 61 billion euros to global projects in 2011. The regional development banks consist of several regional institutions that have functions similar to

12160-555: The religious beliefs that his family , especially his grandfather, had shared with him. Johnson grew up poor, with his father losing a great deal of money. Biographer Robert Caro described him as being raised "in a land without electricity, where the soil was so rocky that it was hard to earn a living from it." In school, Johnson was a talkative youth who was elected president of his 11th-grade class. He graduated in 1924 from Johnson City High School , where he participated in public speaking , debate , and baseball . At 15, Johnson

12288-563: The state with campaign circulars and won over conservatives by casting doubts on Stevenson's support for the Taft–Hartley Act (curbing union power). Stevenson came in first in the primary but lacked a majority, so a runoff election was held; Johnson campaigned harder, while Stevenson's efforts slumped due to a lack of funds. The runoff vote count, handled by the Democratic State Central Committee, took

12416-416: The statewide results were announced. By waiting until the statewide result was reported, Johnson was able to know the figure he had to surpass and so could add as many votes as necessary to his total. It would prove consequential, as Johnson would win the Democratic primary in 1948 by just 87 votes. Johnson was appointed a lieutenant commander in the U.S. Naval Reserve on June 21, 1940. While serving as

12544-431: The study group became discouraged. In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a young Thai economist, Paul Sithi-Amnuai. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. 65). Despite an initial mixed reaction, support for the establishment of a new bank soon grew. An expert group

12672-685: The support of Southern Democrats , and the favors owed by Democratic senators to him and by Democratic representatives to his close ally Sam Rayburn, the Speaker of the House. In July 1960, Johnson finally entered the campaign. Johnson's late entry, coupled with his reluctance to leave Washington, D.C., allowed rival John F. Kennedy to secure a substantial early lead in securing support from Democratic state party officials. Johnson underestimated Kennedy's endearing charm and intelligence in comparison to his perceived crude and wheeling-dealing "Landslide Lyndon" style. Caro suggests that Johnson's hesitancy to enter

12800-414: The target about the same time Johnson's plane was recorded as having landed back at the original airbase. Johnson's biographer Robert Caro was quoted as saying "I think that the weight of the evidence at this moment is that the plane was attacked by Zeroes and that he was cool under fire", but also "The fact is, LBJ never got within sight of Japanese forces. His combat experience was a myth." Johnson used

12928-520: The task of evaluating the U.S. space program and recommending a project that would allow the United States to catch up or beat the Soviets. Johnson recommended that the United States gain the leadership role by committing to landing an American on the Moon in the 1960s . Kennedy assigned priority to the space program, but Johnson's appointment provided cover in case of a failure. In August 1963, Johnson

13056-498: The traditionally ineffective nature of his new office and sought authority not allotted to him as vice president. He initially sought a transfer of the authority of Senate majority leader to the vice presidency, since that office made him president of the Senate, but faced vehement opposition from the Democratic Caucus, including members whom he had counted as his supporters. Johnson sought to increase his influence within

13184-400: The upper tier for his accomplishments regarding domestic policy. His administration passed many major laws that made substantial changes in civil rights, health care, welfare, and education. Conversely, Johnson is heavily criticized for his foreign policy, namely escalating American involvement in the Vietnam War. Lyndon Baines Johnson was born on August 27, 1908, near Stonewall, Texas , in

13312-482: The vacancy, meaning that the election would not be held during a normal November election, giving Johnson the chance to run without forfeiting his seat in the House. The election would be held without party primaries, and with no runoff, meaning that Johnson would have to compete against every Democrat — without the chance of facing the frontrunner, Governor W. Lee "Pappy" O'Daniel, in a 1-on-1 runoff election. The first pre-election polls showed Johnson receiving only 5% of

13440-487: The vice presidential nomination at the Los Angeles Biltmore Hotel on July 14, the morning after Kennedy was nominated, and Johnson accepted. From that point to the actual nomination that evening, several facts are in dispute, including whether convention chairman LeRoy Collins ' had the two-thirds majority required to begin the convention's proceedings. Kennedy's choice of Johnson as his running mate

13568-450: The vote tallies. Connally told them to report the votes, which allegedly allowed O'Daniel's political allies among the South and East Texas party bosses to know the exact number of fraudulent votes needed for O'Daniel to catch up to Johnson. According to Connally, The opposition then ‍—‌ Governor O'Daniel and his people ‍—‌ knew exactly how many votes they had to have to take

13696-481: The vote, but Johnson ran a fierce campaign, barnstorming the state and emphasizing his close relationship with President Roosevelt. On Election Day, Johnson held a strong lead in the returns throughout the whole night, and with 96 percent of the ballots counted, Johnson held a 5,000-vote lead. According to John Connally, future Governor and Johnson's campaign manager, local election officials began calling Connally's office and asking him about whether they should report

13824-420: The wake of the escalating U.S. military support for the government of South Vietnam . As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. However, eight other cities had also expressed an interest: Bangkok , Colombo , Kabul , Kuala Lumpur, Manila , Phnom Penh , Singapore, and Tehran . To decide, the 18 prospective regional members of the new bank held three rounds of votes at

13952-438: The winner in the Democratic primary for the U.S. Senate election in Texas before winning the general election. He became Senate majority whip in 1951, Senate Democratic leader in 1953 and majority leader in 1954. Senator Kennedy bested Johnson and his other rivals for the 1960 Democratic presidential nomination before surprising many by offering to make Johnson his vice presidential running mate. The Kennedy–Johnson ticket won

14080-504: The world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects, especially those promoting the development of domestic energy sources in member countries. Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and

14208-417: The world's capital markets. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. ADB's participation is usually limited but it leverages

14336-499: Was "The Treatment", described by two journalists: The Treatment could last ten minutes or four hours. It came, enveloping its target, at the Johnson Ranch swimming pool, in one of Johnson's offices, in the Senate cloakroom, on the floor of the Senate itself – wherever Johnson might find a fellow Senator within his reach. Its tone could be supplication, accusation, cajolery, exuberance, scorn, tears, complaint, and

14464-571: Was a great-grandson of Baptist clergyman George Washington Baines . Johnson's paternal grandfather, Samuel Ealy Johnson Sr. , was raised Baptist and for a time was a member of the Christian Church (Disciples of Christ) . In his later years, Samuel Sr. became a Christadelphian ; Samuel Jr. also joined the Christadelphian Church toward the end of his life. Johnson was influenced in his positive attitude toward Jews by

14592-595: Was a temporary exposure to danger calculated to satisfy Johnson's personal and political wishes, but it also represented a genuine effort on his part, however misplaced, to improve the lot of America's fighting men." In addition to the Silver Star, Johnson received the American Campaign Medal , Asiatic-Pacific Campaign Medal , and the World War II Victory Medal . He was discharged from active duty on July 17, 1942, but remained in

14720-488: Was aimed at expanding civil rights, public broadcasting, access to health care, aid to education and the arts, urban and rural development, consumer protection, environmentalism, and public services. He sought to create better living conditions for low-income Americans by spearheading the war on poverty . As part of these efforts, Johnson signed the Social Security Amendments of 1965 , which resulted in

14848-533: Was appointed head of the Texas National Youth Administration , which enabled him to create government-funded education and job opportunities for young people. He resigned two years later to run for Congress. A notoriously tough boss, Johnson often demanded long workdays and work on weekends. He was described by friends, fellow politicians, and historians as motivated by lust for power and control. As Caro observes, "Johnson's ambition

14976-404: Was chosen by his fellow Democrats as Senate Minority Leader ; he became the most junior senator ever elected to this position. He reformed the seniority system so that Democratic senators, including freshmen, were more likely to receive a committee assignment that closely aligned with their expertise rather than an assignment based solely on their seniority. In 1954 , Johnson was re-elected to

15104-434: Was convened to study the idea, with Japan invited to contribute to the group. When Watanabe was recommended, the two streams proposing a new bank—from ECAFE and Japan—came together. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by United States President Lyndon B. Johnson in

15232-470: Was in too much haste to assume power. In response to the public demand for answers and the growing number of conspiracy theories , Johnson established a commission headed by Chief Justice Earl Warren , known as the Warren Commission , to investigate Kennedy's assassination. The commission conducted extensive research and hearings and unanimously concluded that Lee Harvey Oswald acted alone in

15360-499: Was intended to attract Southern votes. Kennedy was a liberal Bostonian and a Roman Catholic . Johnson was more conservative, a Southerner , and a member of the Disciples of Christ . Nevertheless, labor leaders were unanimous in their opposition to Johnson. AFL-CIO President George Meany called Johnson "the arch-foe of labor", and Illinois AFL-CIO President Reuben Soderstrom asserted Kennedy had "made chumps out of leaders of

15488-484: Was planning on dropping Johnson from the Democratic ticket in the 1964 presidential election . However, on October 31, 1963, a reporter asked if he intended and expected to retain Johnson on the ticket. Kennedy replied, "Yes to both those questions." There is little doubt that Robert Kennedy and Johnson hated each other, yet John and Robert Kennedy agreed that dropping Johnson from the ticket could produce heavy losses in

15616-563: Was poor. Johnson told Forrestal that the Pacific Fleet had a "critical" need for 6,800 additional experienced men. Johnson prepared a twelve-point program to upgrade the effort in the region, stressing "greater cooperation and coordination within the various commands and between the different war theaters". Congress responded by making Johnson chairman of a high-powered subcommittee of the Naval Affairs Committee, with

15744-521: Was shaped by the Civil Rights Act of 1964 , the Voting Rights Act of 1965 , and the Civil Rights Act of 1968 . Due to his domestic agenda, Johnson's presidency marked the peak of modern American liberalism in the 20th century. Johnson's foreign policy prioritized containment of communism, including in the ongoing Vietnam War . Johnson began his presidency with near-universal support, but his approval declined throughout his presidency as

15872-536: Was the lead priority of the ADB and that it should constitute 50% of the bank's lending by 2020. In 2003, the severe acute respiratory syndrome (SARS) epidemic hit the region and ADB responded with programs to help the countries in the region work together to address infectious diseases, including avian influenza and HIV/AIDS. ADB also responded to a multitude of natural disasters in the region, committing more than $ 850 million for recovery in areas of India, Indonesia, Maldives , and Sri Lanka which were impacted by

16000-480: Was the youngest in his class. Pressured by his parents to attend college, he enrolled at a "sub college" of Southwest Texas State Teachers College (SWTSTC) in the summer of 1924, where students from unaccredited high schools could take the 12th-grade courses needed for admission to college. He left the school just weeks after his arrival and decided to move to California. He worked at his cousin's legal practice and in odd jobs before returning to Texas, where he worked as

16128-747: Was touched by a Senate scandal when Bobby Baker , the Secretary to the Majority Leader of the Senate and a protégé of Johnson's, came under investigation by the Senate Rules Committee for alleged bribery and financial malfeasance. One witness alleged that Baker arranged for the witness to give kickbacks for the Vice President. Baker resigned in October, and the investigation did not expand to Johnson. The negative publicity, however, fed rumors in Washington circles that Kennedy

16256-409: Was uncommon – in the degree to which it was unencumbered by even the slightest excess weight of ideology, of philosophy, of principles, of beliefs." In 1937, after the death of 13-term congressman James P. Buchanan , Johnson successfully campaigned in a special election for Texas's 10th congressional district , which included Austin and the surrounding Texas Hill Country . He ran on

16384-470: Was unusually proficient at gathering information. One biographer suggests he was "the greatest intelligence gatherer Washington has ever known", discovering exactly where every senator stood on issues, his philosophy and prejudices, his strengths and weaknesses, and what it took to get his vote. Bobby Baker claimed that Johnson would occasionally send senators on NATO trips so they were absent and unable to cast dissenting votes. Central to Johnson's control

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