The Asian Development Bank, based in Manila, was established in 1966, following the recommendations of the United Nations Economic Commission for Asia and the Pacific. It encourages economic and financial cooperation among the regional members.
Membership carries the right to contract for projects supported by bank loans.
The bank operates as a viable banking institution, charging realistic rates of interest and encourages a flow of capital to the region from outside sources. The Bank's affiliate, the Asian Development Fund, gives soft loans to the poorest nations in the region. The Bank has a membership of thirty-six countries in Asia and the Pacific and sixteen countries outside the region. The Penguin Dictionary of Economics 2. The Penguin Dictionary of Economics 3.