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Question

Which of the following statements is incorrectly mentioned with respect to Asian Development Bank?

A China holds the largest share in Asian Development Bank followed by India. Correct Answer Incorrect Answer
B To eradicate extreme poverty is one of the main goals. Correct Answer Incorrect Answer
C Resolution passed by the United Nations Economic Commission for Asia and the Far East in 1963 resulted in the formation of Asian Development Bank. Correct Answer Incorrect Answer
D Board of Governors is the highest policy making body of Asian Development Bank and consists of members from outside Asia region also. Correct Answer Incorrect Answer

Solution

● Option a is incorrect. Asian Development Bank (ADB) was established in the year 1966, with head office at Manila (Philippines). It has 67 members from the Asia Pacific region. This bank was modeled on the lines of the world bank. Japan holds the largest share in ADB with 15.677%, followed by U.S.A (15.567%), China (6.473%), and India (5.812%). China is the largest shareholder followed by India in Asian Infrastructure and Invest Bank and not in ADB. ● ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region. ● A resolution passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963 set that vision on the way to ADB becoming a reality. ● ADB's highest policy-making body is the Board of Governors, which comprises one representative from each member nation – 48 from the Asia-Pacific and 19 from outside the region. Hence option b, c and d are correct.

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