Union Minister for Finance and Corporate Affairs and Asian Development Bank’s (ADB) Governor for India Smt. Nirmala Sitharaman participated in the Governor’s Seminar on “Cooperation for a Resilient Future”, held as part of ADB’s annual meeting 2021.
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Other participants included Japan, Georgia, China, Philippines and Netherlands. The virtual seminar was attended by delegates from 68 member nations of the ADB.
It was conceived in the early 1960s when a resolution was 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.
The institution was opened in 1966 at Manila (Philippines capital) with 31 initial members.
The ADB was modelled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
As of 31 December 2016, Japan and United States hold the largest proportion of shares at 15.607%. China holds 6.444%, India holds 6.331%, and Australia holds 5.786%.
