BALI, Indonesia, May 2 (Xinhua) -- More than 3,500 government
leaders, business people, analysts and representatives from academia,
civil society organizations, and media from around the world gathered here on
Saturday for the 42nd annual meeting of Asian Development Bank (ADB)'s Board of
Governors. The following is the background information of the ADB and its annual
The ADB is an international development finance
institution whose mission is to help its developing member countries reduce
poverty and improve the quality of life of their people.
Headquartered in Manila, and established in 1966, the
ADB is owned and financed by its 67 members, of which 48 are from the region and
19 are from other parts of the globe. Georgia is the 67th and newest member,
having joined the ADB effective from February 2, 2007.
ADB's main partners are governments, the private
sector, non-government organizations, development agencies, community-based
organizations, and foundations.
Under the Strategy 2020, a long-term strategic
framework adopted in 2008, the ADB will follow three complementary strategic
agenda: inclusive growth, environmentally sustainable growth, and regional
In pursuing its vision, ADB's main instruments
comprise loans, technical assistance, grants, advice, and knowledge.
Although most lending is in the public sector -- and
to governments -- the ADB also provides direct assistance to private enterprises
of developing countries through equity investments, guarantees, and loans. In
addition, its triple-A credit rating helps mobilize funds for development.
In 2008, authorized and subscribed capital stock
amounted to 54.9 billion U.S. dollars. Ordinary capital resources (OCR) gross
income, which includes revenue and net realized gains, amounted to2.0 billion
U.S. dollars, 1.4 billion U.S. dollars of which was generated from the loan
portfolio, 652.3 million U.S. dollars from the investment portfolio, and 25.7
million U.S. dollars from other sources.
In 2008, the ADB raised 9.4 billion U.S. dollars in
medium- and long-term funds through public issues and private placements. Public
offerings amounted to 4.8 billion U.S. dollars, of which 2.3 billion U.S.
dollars were through two U.S.-dollar global benchmarks. Private placements
totaled 4.6 billion U.S. dollars.
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, elects among themselves the 12 members of the Board
of Directors and their deputy. Eight of the 12 members come from regional
(Asia-Pacific) members while the others come from non-regional members.
ADB's annual meetings are statutory occasions for
Governors of ADB members to provide guidance on ADB administrative, financial,
and operational directions. The meetings provide opportunities for member
governments to interact with ADB staff, non-government organizations (NGOs),
media, and representatives of observer countries, international organizations,
academe and the private sector.
Annual meetings are held in a member country in late
April or early May.