The Asian Development Bank was established in 1966.
The ADB was created to promote economic and social development in the Asia-Pacific region. Its founding reflected the need for a regional institution that could finance infrastructure, public services, poverty reduction, and economic reforms in developing member economies.
The bank is owned by member countries, including countries from the region and nonregional members. It provides loans, grants, technical assistance, and other forms of support for development programs and projects.
The ADB is headquartered in Manila, Philippines. It is separate from the World Bank, although both are multilateral development banks and often work on similar issues. The ADB’s regional focus is the key distinction between the two institutions.