Asian Development Bank Essay ⋆ Business Essay Examples ⋆ EssayEmpire

The Asian Development Bank (ADB) is an international organization consisting of 67 members, coming from both within and outside the Asia-Pacific region, with a focus on development, poverty, education, and improving the quality of life of the people of the region. ADB works with various partners to attempt to achieve its goals, including members of the private sector, nongovernmental organizations (NGOs), governments, and other organizations. The headquarters of ADB is in Manila, the Philippines, and ADB has a number of branch offices throughout the region.

The primary methods ADB uses to attempt to accomplish its mission are the issuing of loans and grants as well as supplying technical assistance and advice. The majority of the loans and grants ADB provides are given to the governments of Asian nations; however, the organization also provides direct assistance to some private enterprises in the region and ADB has developed a credit-rating service to assist private firms in securing private funding that is needed for investment. ADB is currently following a strategic framework entitled Strategy 2020, which emphasizes inclusive growth, environmentally sustainable growth, and regional integration.

ADB came into existence on December 19, 1966, with Takeshi Watanabe appointed its first president. As this was prior to the rapid industrialization and economic growth that has been seen in the later parts of the 20th century in much of Asia, ADB initially focused primarily on increasing the efficiency of Asian agricultural and rural development. As the economies of Asia began to grow and shift from a focus on agriculture toward a focus on industrial development, ADB shifted its focus as well to include improvements in education, health, and infrastructure as well as development of specific industries as its key objectives.

Into the 1980s and 1990s, ADB continued to expand both its membership and mission. Newly independent central Asian nations became members and recipients of loans, grants, and technical assistance from the organization. New programs were implemented that dealt with gender issues, micro-finance, urban planning, and environmental concerns. Furthermore, ADB got involved in creating a subregional organization with the creation of the Greater Mekong Subregion.

ADB’s lending focuses primarily on funding major projects. In 2007 loans totaling $10.1 billion for 82 projects were approved by ADB. During the same year, ADB spent $243 million in technical assistance and gave grants totalling $673 million.

ADB is governed by a board of governors in which each of the 67 members is represented. The board of governors gathers each year for an annual meeting. The day-to-day operations are managed by the ADB president who is elected for a five-year term by the board of governors. Working with the president is a management team consisting of four vice presidents and the managing director general.

ADB has been active in promoting Asian regionalization in recent years, and the priority of achieving this objective has risen since Haruhiko Kuroda’s election as president in 2005 and the creation of the Office of Regional Integration. As ADB is a major player in Asian regionalization, Asian regionalism efforts have been primarily concerned with economic development and trade promotion as opposed to security or political integration issues.

It should be noted that ADB has been the target of criticism from many quarters. Officials of the U.S. and UK governments, both members and financial supporters of ADB, have expressed concerns over the bank’s management practices. There have also been concerns over ADB’s growing mandate and whether it is necessary to duplicate functions that are already the responsibility of other international organizations such as the World Bank and International Monetary Fund. Furthermore, there have also been concerns expressed by grassroots organizations and environmental activists over ADB funding of projects that are seen to be environmentally unfriendly.

Nevertheless, during the period of ADB’s existence, Asia has experienced some of the fastest growth and quickest reductions in poverty in the history of mankind. Whether this progress has been assisted or hampered by ADB is open to debate.

Bibliography:

Asian Development Bank, www.adb. org (cited March 2009);
Christopher Dent, “The Asian Development Bank and Developmental Regionalism in East Asia,” Third World Quarterly (v.29/4, 2008);
Raphael Minder, “Asian Development Bank’s Donors Seek Shake Up of Oversight and Staffing, Financial Times (January 17, 2008);
Kumar Sharma, “Grassroot Grumbles,” Business Today (June 4, 2006);
James Simms and Denis McMahon, “Asian Development Bank Debates a Change in Role,” Wall Street Journal (May 8, 2007).

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