The Asian Development Bank opened in Manila with 31 members and is now owned by 69

Background

The Asian Development Bank describes itself as a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Founded in 1966, ADB is owned by 69 members - 50 from the region. Its own history records that a resolution passed at the first Ministerial Conference on Asian Economic Cooperation held by the United Nations Economic Commission for Asia and the Far East in 1963 set that vision on the way to becoming reality, and that the Philippines capital of Manila was chosen to host the new institution, which opened on 19 December 1966, with 31 members. From 31 members at its establishment in 1966, ADB has grown to encompass 69 members, of which 50 are from within Asia and the Pacific and 19 outside, and its membership tables are set out as Regional members and Nonregional members. The Bank works under the ADB Charter and ADB By-Laws. A major landmark was the establishment in 1974 of the Asian Development Fund to provide low-interest loans to ADB's poorest members. ADB's headquarters is in Mandaluyong, Metro Manila; the move there took place after ADB had been located on Roxas Boulevard for 19 years.