Founding of Asian Development Bank

The Asian Development Bank is a regional development bank established to foster economic growth and reduce poverty in Asia and the Pacific. It was created with the support of the United Nations Economic Commission for Asia and the Far East and began operations in Manila, in the Philippines, with its first president coming from Japan. It lends money, provides technical assistance and grants for projects such as roads, power, water and education. Its membership has grown to include dozens of countries in the region and outside it, and Japan and the United States are the largest shareholders.

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