Asian Development Bank (ADB) lends money to developing countries of Asia and the Pacific to promote their economic growth. A country must be an ADB member to borrow from the bank. The ADB also lends to—and invests in—private enterprises in Asia. The bank was established by the United Nations Economic Commission for Asia and the Far East (now called the United Nations Economic and Social Commission for Asia and the Pacific). Membership is open to countries that belong to the United Nations or to one of its specialized agencies. A non-Asian nation must be economically developed to become a member of the ADB.
When a country joins the ADB, it pledges a sum of money to the bank. Money also comes from voluntary donations by member nations. The ADB has loaned money for the development of agriculture, energy resources, and industry and for many other programs. The ADB started operations in 1966. It has headquarters in Manila, the Philippines.
