Which Asian development bank began operations in 1966 and is headquartered in Manila?

The Asian Development Bank began operations in 1966 and is headquartered in Manila.

The ADB was established to promote economic and social development in Asia and the Pacific. It opened for business on 19 December 1966, with Japan’s Takeshi Watanabe serving as its first president.

The bank provides loans, grants, technical assistance, and policy advice for projects such as transport, energy, water, education, and climate resilience. Its membership includes countries from the region as well as nonregional economies that contribute capital and expertise.

The ADB is distinct from the Asian Infrastructure Investment Bank, which was established much later and began operations in 2016. The Asian Development Bank’s headquarters are in the Philippines, while its projects span many economies across Asia and the Pacific.