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56th Annual General Meeting of Board of Directors of ADB

Finance Minister Nirmala Sitharaman attended the 56th Annual General Meeting of the Board of Directors of the Asian...

Context:- Finance Minister Nirmala Sitharaman attended the 56th Annual General Meeting of the Board of Directors of the Asian Development Bank (ADB) in Incheon, South Korea on May 2.

  • Union Minister for Finance and Corporate Affairs Nirmala Sitharaman led the delegation from the Indian side.
  • The meeting was attended by official delegations of ADB members, observers, non-governmental and civil society organizations, financial institutions and banks, and other private sector companies.
  • Sitharaman also participated in the annual meeting and focal events such as Governors Business.
  • She also participated as a panelist in the ADB Governors’ Seminar on Policies to Support Asia’s Rebound.
The functions of the Union Finance Minister included the following components:
  • Interaction with global economists, governors/finance ministers of ADB member countries, etc.
  • Bilateral engagement with countries and international organizations.
  • Interact with global business leaders and investors in roundtables.
  • Engagement with community diaspora.
Asian Development Bank (ADB)
  • It is a regional multilateral financial institution which focuses on the countries of Asia and Pacific region.
  • It was set up after a resolution was 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.
  • It started functioning from 19 December 1966 with 31 member countries.
  • At present it has 68 members—of which 49 members are from within Asia and the Pacific and 19 outside.
  • Japan is the largest shareholder of the ADB and a Japanese has always been the head of the ADB.
  • President of ADB: Masatsugu Asakawa 
  • Headquarters: Mandaluyong City, Manila, Philippines

Read also: Wassenaar Arrangement

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