Asian Development Bank (ADB)
The Asian Development Bank (ADB) was established in 1966 to foster economic cooperation and growth in the Asia-Pacific region. ADB is dedicated to accelerating social and economic development of its members through promoting investments and loans for regional financing, planning and implementing development policies, providing technical assistance and grants, and strengthening cooperation with international organizations in the region.
ADB has 68 members of which 49 are regional members including the Republic of Korea, and 19 non-regional members. Headquartered in Manila, ADB operates 3 representative offices in Tokyo, Frankfurt and Washington with 28 country offices in Asia and the Pacific.
The ADB Annual Meeting is held every year since its establishment in 1966 and is the ADB's largest gathering attended by finance and economic ministers, senior government officials, international organizations, key players from the public and private sectors, members of non-government organizations, and media. The meeting serves as a platform for governors to discuss overall direction of ADB operations and provides an opportunity for greater interaction among stakeholders from diverse backgrounds.
China, People's Republic of
Hong Kong, China
Korea, Republic of
Lao People's Democratic Republic
Micronesia, Federated States of
Papua New Guinea
ADB and Korea
The Republic of Korea, a founding member of ADB, was one of the recipients of official development assistance (ODA). Graduating from the OECD DAC list of ODA recipient countries in 2000, and full repayment of the ADB loan in 2005, Korea became a donor country holding the 8th largest proportion of shares among members ($7.44 billion, 5.026%), demonstrating firm commitment to economic cooperation through various channels such as co-financing and establishment of trust funds.
Korea has contributed to 24 co-financing projects ($1,381 million) and is providing continued support for economic development through strong commitments to ADB-funded projects. Moreover, Korea financed $102 million for e-Asia and Knowledge Partnership Fund established to bridge the digital divide and facilitate knowledge sharing between ADB members. It also supported the Future Carbon Fund which kicked off as a carbon market initiative.
The 53rd Annual Meeting of the ADB Board of Governors in 2020 will be the third time that Korea hosts ADB's meaningful event followed by past two meetings in Seoul in 1970 and Jeju Island in 2004. The meeting will be led by Korea's the Deputy Prime Minister and Minister of Economy and Finance, and the current Chair of the Board of Governors of ADB, the Hon. Hong Nam-Ki.