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71-522: These two parties can be two nations, or two international organizations , or one nation and one international organization, or two persons. It is possible for a bilateral treaty to involve more than two parties; for example, each of the bilateral treaties between Switzerland and the European Union (EU) has seventeen parties. The parties are divided into two groups, the Swiss ("on the one part") and

142-517: 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

213-493: A treaty that acts as a charter creating the group. Treaties are formed when lawful representatives (governments) of several states go through a ratification process, providing the IGO with an international legal personality. Intergovernmental organizations are an important aspect of public international law . Intergovernmental organizations in a legal sense should be distinguished from simple groupings or coalitions of states, such as

284-481: 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 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

355-735: A capitalist economy. The oldest regional organization is the Central Commission for Navigation on the Rhine , created in 1815 by the Congress of Vienna . There are several different reasons a state may choose membership in an intergovernmental organization. But there are also reasons membership may be rejected. Reasons for participation: Reasons for rejecting membership: Intergovernmental organizations are provided with privileges and immunities that are intended to ensure their independent and effective functioning. They are specified in

426-612: 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 was the lead priority of the ADB and that it should constitute 50% of

497-640: A fair trial . Otherwise, the organizations' immunities may be put in question in national and international courts. Some organizations hold proceedings before tribunals relating to their organization to be confidential, and in some instances have threatened disciplinary action should an employee disclose any of the relevant information. Such confidentiality has been criticized as a lack of transparency . The immunities also extend to employment law . In this regard, immunity from national jurisdiction necessitates that reasonable alternative means are available to effectively protect employees' rights; in this context,

568-854: A first instance Dutch court considered an estimated duration of proceedings before the Administrative Tribunal of the International Labour Organization of 15 years to be too long. An international organization does not pay taxes, is difficult to prosecute in court and is not obliged to provide information to any parliament. The United Nations focuses on five main areas: "maintaining peace and security , protecting human rights , delivering humanitarian aid , supporting sustainable development , and upholding international law ". UN agencies , such as UN Relief and Works Agency , are generally regarded as international organizations in their own right. Additionally,

639-534: A good resource for developmental projects in developing countries. The UN has to protect against any kind of human rights violation, and in the UN system, some specialized agencies, like ILO and United Nations High Commissioner for Refugees ( UNHCR ), work in the human rights' protection fields. The UN agency, ILO, is trying to end any kind of discrimination in the work field and child labor; after that, this agency promotes fundamental labor rights and to get safe and secure for

710-426: 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,

781-627: 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 the study group became discouraged. In parallel, the concept

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852-560: 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,

923-508: 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

994-595: A variety of issues—was the League of Nations , founded on 10 January 1920 with a principal mission of maintaining world peace after World War I. The United Nations followed this model after World War II . This was signed on 26 June 1945, in San Francisco, at the conclusion of the United Nations Conference on International Organization, and came into force on 24 October 1945. Currently, the UN

1065-445: 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

1136-484: Is intended to be ensured by legal mechanisms that are internal to the intergovernmental organization itself and access to administrative tribunals. In the course of many court cases where private parties tried to pursue claims against international organizations, there has been a gradual realization that alternative means of dispute settlement are required as states have fundamental human rights obligations to provide plaintiffs with access to court in view of their right to

1207-442: 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 the bank is at 6 ADB Avenue, Mandaluyong , Metro Manila , Philippines , and it has 42 field offices in Asia and

1278-525: Is subject to rules dictated by the Vienna Convention on the Law of Treaties . An agreement between a state or organization and an international organization is subjected to the rules defined by the Vienna Convention on the Law of Treaties between States and International Organizations or between International Organizations . An agreement between two parties can enter into force in two ways. The first

1349-817: Is the main IGO with its arms such as the United Nations Security Council (UNSC), the General Assembly (UNGA), the International Court of Justice (ICJ), the Secretariat (UNSA), the Trusteeship Council (UNTC) and the Economic and Social Council (ECOSOC). When defined as "organizations with at least three state parties, a permanent headquarters or secretariat, as well as regular meetings and budgets",

1420-430: Is when both parties have met specified terms for entry in the agreement. The second way in which a treaty enters into force is when both parties decide to be mutually bound to the agreement as of a certain date. Bilateral treaties usually become active and enforced by the second option when both parties agree to uphold the agreement starting on a predetermined date. Most treaties follow a fairly consistent format ever since

1491-610: 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

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1562-594: 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 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

1633-782: The G7 or the Quartet . Such groups or associations have not been founded by a constituent document and exist only as task groups . Intergovernmental organizations must also be distinguished from treaties. Many treaties (such as the North American Free Trade Agreement , or the General Agreement on Tariffs and Trade before the establishment of the World Trade Organization ) do not establish an independent secretariat and instead rely on

1704-609: The International Telecommunication Union and other standards organizations ). Common types include: In regional organizations like the European Union , African Union , NATO , ASEAN and Mercosur , there are restrictions on membership due to factors such as geography or political regimes. To enter the European Union (EU), the states require different criteria; member states need to be European, liberal-democratic political system, and be

1775-501: 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

1846-602: 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,

1917-501: 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,

1988-480: 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 the world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects, especially those promoting

2059-487: 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, 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

2130-562: 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

2201-561: 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

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2272-582: 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

2343-497: The EU and its member states ("on the other part"). The treaty establishes rights and obligations between the Swiss and the EU and the member states severally—it does not establish any rights and obligations amongst the EU and its member states. When the two parties in a bilateral treaty are two countries bound in an international agreement, they are generally referred to as "state parties". The nature of an agreement between two state parties

2414-657: The French Emperor Napoleon. States then became the main decision makers who preferred to maintain their sovereignty as of 1648 at the Westphalian treaty that closed the 30 Years' War in Europe. The first and oldest international organization—being established employing a treaty, and creating a permanent secretariat, with a global membership—was the International Telecommunication Union (founded in 1865). The first general international organization—addressing

2485-557: 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 a new financial institution for the region. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to sponsor

2556-716: The UN such as the World Health Organization (which was made up of regional organizations such as PAHO that predated the UN). A few UN special agencies are very centralized in policy and decision-making, but some are decentralized; for example, the country-based projects or missions' directors and managers can decide what they want to do in the fields. The UN agencies have a variety of tasks based on their specialization and their interests. The UN agencies provide different kinds of assistance to low-income countries and middle-income countries, and this assistance would be

2627-704: The United Nations has Specialized Agencies , which are organizations within the United Nations System that have their member states (often nearly identical to the UN Member States ) and are governed independently by them; examples include international organizations that predate the UN, such as the International Telecommunication Union , and the Universal Postal Union , as well as organizations that were created after

2698-597: 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

2769-536: The articles at the end of this section will clarify how peacefully resolve disputes over the interpretations. Note that it is not the name (an Accord, a Pact, a Convention, etc.), but the contents of an agreement between two parties that forms a bilateral treaty. Examples include the Camp David Accords between Egypt and Israel signed in September 1978 which does not have the term 'treaty' in

2840-466: 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

2911-605: 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

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2982-529: 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 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

3053-666: 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 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

3124-564: 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

3195-598: 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 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

3266-640: The distinction from international non-governmental organizations (INGOs), which are non-governmental organizations (NGOs) that operate internationally. These include international nonprofit organizations such as the World Organization of the Scout Movement , International Committee of the Red Cross and Médecins Sans Frontières , as well as lobby groups that represent the interests of multinational corporations. IGOs are established by

3337-485: 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 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

3408-592: 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 a research institute in Tokyo, visited Takeshi Watanabe , then

3479-538: 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 the new development bank; the Japanese were mystified and deeply disappointed. Watanabe later wrote in his personal history of ADB: "I felt as if

3550-500: 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 a ministerial conference in Manila in November/December 1965. In

3621-419: 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 the wake of the escalating U.S. military support for

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3692-459: 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

3763-462: The jurisdiction of national courts. Certain privileges and immunities are also specified in the Vienna Convention on the Representation of States in their Relations with International Organizations of a Universal Character of 1975,. which however has so far not been signed by 35 states and is thus not yet in force (status: 2022). Rather than by national jurisdiction, legal accountability

3834-467: The laborers. United Nations Environment Program(UNEP) is one of the UN's (United Nations) agencies and is an international organization that coordinates U.N. activities on the environment. An early prominent example of an international organization is the Congress of Vienna of 1814–1815, which was an international diplomatic conference to reconstitute the European political order after the downfall of

3905-435: The late 19th century. A typical treaty begins with a preamble, then followed by the numbered articles which contains the substance of the agreement, and concludes with a closing protocol. The preamble typically names and describes the involved parties and what their shared objectives for the treaty are. It may also some context or summarize any underlying events that caused for the agreement to come about. A boilerplate of who

3976-1266: The name. International organizations An international organization , also known as an intergovernmental organization or an international institution , is an organization that is established by a treaty or other type of instrument governed by international law and possesses its own legal personality, such as the United Nations , the World Health Organization , International Union for Conservation of Nature , and BRICS . International organizations are composed of primarily member states , but may also include other entities, such as other international organizations, firms, and nongovernmental organizations. Additionally, entities (including states) may hold observer status. Examples for international organizations include: UN General Assembly , World Trade Organization , African Development Bank , UN Economic and Social Council , UN Security Council , Asian Development Bank , International Bank for Reconstruction and Development , International Monetary Fund , International Finance Corporation , Inter-American Development Bank , United Nations Environment Programme. Scottish law professor James Lorimer has been credited with coining

4047-416: The number of IGOs in the world increased from about 60 in 1940 to about 350 in 1980, after which it has remained roughly constant. Asian Development Bank 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

4118-511: The parties for their administration, for example by setting up a joint committee . Other treaties have established an administrative apparatus which was not deemed to have been granted binding legal authority. The broader concept wherein relations among three or more states are organized according to certain principles they hold in common is multilateralism . Intergovernmental organizations differ in function, membership, and membership criteria. They have various goals and scopes, often outlined in

4189-669: 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

4260-619: The purpose of realizing a common end". He distinguished between bilateral and multilateral organizations on one end and customary or conventional organizations on the other end. In his 1922 book An Introduction to the Study of International Organization , Potter argued that international organization was distinct from " international intercourse " (all relations between states), "international law" (which lacks enforcement) and world government . International Organizations are sometimes referred to as intergovernmental organizations (IGOs), to clarify

4331-399: 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 – 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

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4402-414: The representatives are, and how they have communicated, i.e. a summary of how and why the representatives have the authority to negotiate for their respective party. The start of the actual agreed upon terms is usually signaled by the words "have agreed as follows". The numbered articles make up the body of the treaty, divided into article headings which are typically a paragraph long. In most treaties,

4473-586: The term "international organization" in a 1871 article in the Revue de Droit International et de Legislation Compare . Lorimer use the term frequently in his two-volume Institutes of the Law of Nations (1883, 1884). Other early uses of the term were by law professor Walther Schucking in works published in 1907, 1908 and 1909, and by political science professor Paul S. Reinsch in 1911. In 1935, Pitman B. Potter defined international organization as "an association or union of nations established or recognized by them for

4544-555: 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 the Agricultural Special Fund in April 1968. Watanabe served as the first ADB president to 1972. In

4615-500: 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 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

4686-859: The treaties that give rise to the organization (such as the Convention on the Privileges and Immunities of the United Nations and the Agreement on the Privileges and Immunities of the International Criminal Court ), which are normally supplemented by further multinational agreements and national regulations (for example the International Organizations Immunities Act in the United States). The organizations are thereby immune from

4757-634: The treaty or charter . Some IGOs developed to fulfill a need for a neutral forum for debate or negotiation to resolve disputes. Others developed to carry out mutual interests with unified aims to preserve peace through conflict resolution and better international relations , promote international cooperation on matters such as environmental protection , to promote human rights , to promote social development (education, health care ), to render humanitarian aid , and to economic development . Some are more general in scope (the United Nations ) while others may have subject-specific missions (such as INTERPOL or

4828-419: 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 re-elected. Traditionally, and because Japan

4899-596: 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 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

4970-418: 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

5041-436: 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 was convened to study the idea, with Japan invited to contribute to

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