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 meetings.

    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 integration.

    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.