• UGI USER
  • May 06, 2024
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INDIA URGES ADB TO PRIORITISE POVERTY REDUCTION ALONGSIDE SUSTAINABLE GROWTH

Why in the news?

India advises ADB to maintain focus on poverty reduction while fostering sustainable growth, emphasising its critical role.

About India’s Call to Asian Development Bank (ADB):

  • Focus on Poverty Reduction: India emphasised the importance of not overlooking the ongoing efforts to reduce poverty while promoting sustainable growth.
  • Intervention at ADB Meeting: During the 57th Annual Meeting of ADB, India’s Temporary Alternate Governor, Vikas Sheel, made an intervention at the Board of Governors Business Session.
  • ADB’s Role: India acknowledged ADB’s critical role in facilitating faster economic development and poverty reduction measures, highlighting the bank’s contribution to these areas.
source:deborah
About Asian Development Bank (ADB):

●   Established:on December 19, 1966, as a multilateral development bank.

●   Mission: Foster economic growth and cooperation in the Asia-Pacific Region.

●   Functions: Provides loans, technical assistance, grants, equity investments, and co-financing for development projects.

●   Headquarters: Manila, Philippines.

●   Members: 68, including 49 from Asia-Pacific and 19 from outside.

●   Governance: Board of governors representing member countries.

●   Funding: Relies on member contributions, retained earnings, and loan repayments.