53rd Annual Meeting of the Asian Development Bank

2020 ADB Annual Meeting

ADB

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.
ADB Members
ADB Members
Afghanistan
Armenia
Australia
Azerbaijan
Bangladesh
Bhutan
Brunei Darussalam
Cambodia
China, People's Republic of
Cook Islands
Fiji
Georgia
Hong Kong, China
India
Indonesia
Japan
Kazakhstan
Kiribati
Korea, Republic of
Kyrgyz Republic
Lao People's Democratic Republic
Malaysia
Maldives
Marshall Islands
Micronesia, Federated States of
Mongolia
Myanmar
Nauru
Nepal
New Zealand
Niue
Pakistan
Palau
Papua New Guinea
Philippines
Samoa
Singapore
Solomon Islands
Sri Lanka
Taipei, China
Tajikistan
Thailand
Timor-Leste
Tonga
Turkmenistan
Tuvalu
Uzbekistan
Vanuatu
Viet Nam
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Ireland
Italy
Luxembourg
The Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
United States

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.
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