Monday, May 7, 2012

Union Finance Minister Pranab Mukherjee was elected as Chair of ADB's Board of Governors

Union Finance Minister Pranab Mukherjee on 4 May 2012 was elected as Chair of the Asian Development Bank’s (ADB) Board of Governors. India will host the 46th annual meeting of the Asian Development Bank in New Delhi in 2013. Though India was the founding member of the ADB in 1966, the lending operations in India began two decades later.

ADB's three-year country operations business plan for India for 2012-2014 will provide lending assistance of $6.25 billion to support inclusive and environmentally sustainable growth. The lending support will go to key areas like transport, energy, urban development, agriculture natural resource management, finance and education.

As a major multilateral lending organization, the Manila-headquartered ADB has 67 members, of which 48 are from Asia. The US and Japan are the largest shareholders of the bank while India is the fifth largest.