The Asian Development Bank Agreement Establishing: What You Need to Know
The Asian Development Bank Agreement Establishing (ADB Agreement) is an international treaty signed by member countries of the Asian Development Bank (ADB). The ADB is an international development finance institution that aims to promote economic and social development in the Asia-Pacific region.
The ADB Agreement was signed on December 13, 1965, in Manila, Philippines, and entered into force on December 22, 1966. Its main objective is to provide financial and technical assistance to member countries for their economic and social development, with a focus on poverty reduction and sustainable development.
The ADB Agreement establishes the legal framework for the ADB`s operations, governance, and membership. It outlines the ADB`s objectives, functions, and structure, as well as its financial resources and management.
One of the key features of the ADB Agreement is the principle of equal partnership among member countries. Under this principle, each member country has an equal say in the decision-making process of the ADB, regardless of its economic or political power.
The ADB Agreement also sets out the terms and conditions for borrowing and lending by the ADB. Member countries can borrow from the ADB to finance their development projects, while the ADB can lend to member countries to support their development efforts.
Furthermore, the ADB Agreement sets out the governance structure of the ADB. The ADB is governed by a Board of Governors, which is composed of one governor and one alternate governor appointed by each member country. The Board of Governors is responsible for making major policy decisions and appointing the ADB`s President.
The ADB Agreement also establishes the ADB`s management structure. The ADB is headed by a President, who is appointed by the Board of Governors. The President is responsible for the day-to-day operations of the ADB and the implementation of its policies and programs.
In conclusion, the Asian Development Bank Agreement Establishing is a key international treaty that provides the legal framework for the operations, governance, and membership of the Asian Development Bank. It outlines the ADB`s objectives, functions, and structure, as well as its financial resources and management. As an important development finance institution, the ADB plays a crucial role in promoting economic and social development in the Asia-Pacific region.