8/8/2015 Asian Development Bank Wikipedia, the free encyclopedia https://en.wikipedia.org/wiki/Asian_Development_Bank 1/13 Asian Development Bank ADB logo Motto Fighting poverty in Asia and the Pacific Formation 22 August 1966 Type Regional organization Legal status Treaty Purpose Crediting Headquarters Mandaluyong, Metro Manila, Philippines Region served AsiaPacific Membership 67 countries President Takehiko Nakao Main organ Board of Directors[1] Staff 3,051[2] Website http://www.adb.org Asian Development Bank member states Outside regions AsiaPacific region Asian Development Bank From Wikipedia, the free encyclopedia The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 which is headquartered in Metro Manila, Philippines, to facilitate economic development in Asia. [3] The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and nonregional developed countries. [3] From 31 members at its establishment, ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside. The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions. Since 2014, ADB releases annual report of Creative Productivity Index and comparatively includes Finland and United States for the list of AsiaPacific members. [4][5] At the end of 2013, Japan holds the largest proportion of shares at 15.67%. The United States holds 15.56%, China holds 6.47%, India holds 6.36%, and Australia holds 5.81%. [6] Contents 1 Organization 1.1 List of presidents 2 History 2.1 1962–1972 2.2 1972–1986 2.3 Since 1986 3 Lending 4 Notable projects and technical assistance 5 Effectiveness 6 Criticism 7 United Nations Development Business 8 Strategy 2020
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8/8/2015 Asian Development Bank Wikipedia, the free encyclopedia
Headquarters Mandaluyong, Metro Manila,Philippines
Regionserved
AsiaPacific
Membership 67 countries
President Takehiko Nakao
Main organ Board of Directors[1]
Staff 3,051[2]
Website http://www.adb.org
Asian Development Bank member states Outside regions
AsiaPacific region
Asian Development BankFrom Wikipedia, the free encyclopedia
The Asian Development Bank (ADB) is a regionaldevelopment bank established on 22 August 1966 whichis headquartered in Metro Manila, Philippines, tofacilitate economic development in Asia.[3] The bankadmits the members of the United Nations Economic andSocial Commission for Asia and the Pacific (UNESCAP,formerly the Economic Commission for Asia and the FarEast or ECAFE) and nonregional developed countries.[3]From 31 members at its establishment, ADB now has 67members, of which 48 are from within Asia and thePacific and 19 outside. The ADB was modeled closely onthe World Bank, and has a similar weighted votingsystem where votes are distributed in proportion withmembers' capital subscriptions. Since 2014, ADBreleases annual report of Creative Productivity Index andcomparatively includes Finland and United States for thelist of AsiaPacific members. [4][5]
At the end of 2013, Japan holds the largest proportion ofshares at 15.67%. The United States holds 15.56%, Chinaholds 6.47%, India holds 6.36%, and Australia holds5.81%.[6]
Contents
1 Organization1.1 List of presidents
2 History2.1 1962–19722.2 1972–19862.3 Since 1986
3 Lending4 Notable projects and technical assistance5 Effectiveness6 Criticism7 United Nations Development Business
8 Strategy 20209 List of 20 Largest Countries and Regions bySubscribed Capital and Voting Power10 Members11 See also12 References13 External links
Organization
The highest policymaking body of the bank is theBoard of Governors, composed of one representativefrom each member state. The Board of Governors, inturn, elect among themselves the twelve members of theBoard and their deputy. Eight of the twelve memberscome from regional (AsiaPacific) members while theothers come from nonregional members.
The Board of Governors also elect the bank's president,who is the chairperson of the Board of Directors andmanages ADB. The president has a term of officelasting five years, and may be reelected. Traditionally,and because Japan is one of the largest shareholders ofthe bank, the president has always been Japanese.
The most recent president was Takehiko Nakao, whosucceeded Haruhiko Kuroda in 2013.[7]
The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines,[8][9] and it hasrepresentative offices around the world. The bank employs 3,051 people, of which 1,463 (48%) are fromthe Philippines.[2]
Name Dates NationalityTakeshi Watanabe 1966–1972 JapanShiro Inoue 1972–1976 JapanTaroichi Yoshida 1976–1981 JapanMasao Fujioka 1981–1989 JapanKimimasa Tarumizu 1989–1993 JapanMitsuo Sato 1993–1999 JapanTadao Chino 1999–2005 JapanHaruhiko Kuroda 2005–2013 JapanTakehiko Nakao 2013– Japan
History
1962–1972
The concept of a regional bank was formally mooted at a trade conference organized by the EconomicCommission for Asia and the Far East (ECAFE) in 1963 by a young Thai banker, Paul SithiAmnuai, fordeveloping intraregional trade. (ESCAP, United Nations Publication March 2007, "The first parliament ofAsia" pp.65) Once the ADB was founded in 1966, Japan took a prominent position in the bank; it receivedthe presidency and some other crucial "reserve positions" such as the director of the administrationdepartment. By the end of 1972, Japan contributed $173.7 million (22.6% of the total) to the ordinarycapital resources and $122.6 million (59.6% of the total) to the special funds. In contrast, the United Statescontributed only $1.25 million for the special fund.[3]
The ADB served Japan's economic interests because its loans went largely to Indonesia, Thailand,Malaysia, South Korea and the Philippines, the countries with which Japan had crucial trading ties; thesenations accounted for 78.48% of the total ADB loans between 1967 and 1972. Moreover, Japan receivedtangible benefits, 41.67% of the total procurements between 1967 and 1976. Japan tied its special fundscontributions to its preferred sectors and regions and procurements of its goods and services, as reflected inits $100 million donation for the Agricultural Special Fund in April 1968.[3]
Takeshi Watanabe served as the first ADB president from 1966 to 1972.
1972–1986
Japan's share of cumulative contributions increased from 30.4% in 1972 to 35.5% in 1981 and 41.9% in1986. In addition, Japan was a crucial source of ADB borrowing, 29.4% (out of $6,729.1 million) in 1973–86, compared to 45.1% from Europe and 12.9% from the United States. Japanese presidents Inoue Shiro(1972–76) and Yoshida Taroichi (1976–81) took the spotlight. Fujioka Masao, the fourth president (1981–90), adopted an assertive leadership style. He announced an ambitious plan to expand the ADB into a highimpact development agency. His plan and banking philosophy led to increasing friction with the U.S.directors, with open criticism from the Americans at the 1985 annual meeting.[3]
During this period there was a strong parallel institutional tie between the ADB and the Japanese Ministryof Finance, particularly the International Finance Bureau (IFB).
Since 1986
Japan's share of cumulative contributions increased from 41.9% in 1986 to 50.0% in 1993. In addition,Japan has been a crucial lender to the ADB, 30.4% of the total in 1987–93, compared to 39.8% fromEurope and 11.7% from the United States. However, different from the previous period, Japan has becomemore assertive since the mid1980s. Japan's plan was to use the ADB as a conduit for recycling its hugesurplus capital and a "catalyst" for attracting private Japanese capital to the region. After the 1985 PlazaAccord, Japanese manufacturers were pushed by high yen to move to Southeast Asia. The ADB played arole in channeling Japanese private capital to Asia by improving local infrastructure.[3] The ADB alsocommitted itself to increasing loans for social issues such as education, health and population, urbandevelopment and environment, to 40% of its total loans from around 30% at the time.[3]
Lending
The ADB offers "hard" loans from ordinary capital resources (OCR) on commercial terms, and the AsianDevelopment Fund (ADF) affiliated with the ADB extends "soft" loans from special fund resources withconcessional conditions. For OCR, members subscribe capital, including paidin and callable elements, a50% paidin ratio for the initial subscription, 5% for the Third General Capital Increase (GCI) in 1983 and2% for the Fourth General Capital Increase in 1994. The ADB borrows from international capital marketswith its capital as guarantee.[3]
In 2009, ADB obtained membercontributions for its Fifth General Capital Increase of 200%, in response toa call by G20 leaders to increase resources of multilateral development banks so as to support growth indeveloping countries amid the global financial crisis. For 2010 and 2011, a 200% GCI allows lending of$12.5 billion to 13 billion in 2010 and about $11 billion in 2011.[10] With this increase, the bank's capitalbase tripled from $55 billion to $165 billion.[11]
Notable projects and technical assistance
Afghan Diaspora ProjectFunding Utah State University led projects to bring labor skills in ThailandEarthquake and Tsunami Emergency Support Project in IndonesiaGreater Mekong Subregional Program[12]
ROC Ping Hu Offshore Oil and Gas DevelopmentStrategic Private Sector Partnerships for Urban Poverty Reduction in the PhilippinesTransAfghanistan Gas Pipeline Feasibility AssessmentLoan of $1.2 billion to bail it out of an impending economic crisis in Pakistan and ongoing fundingfor the countries growing energy needs, specifically Hydropower projectsMicro finance support for private enterprises, in conjunction with governments, including Pakistanand India.The YichangWanzhou Railway project in the mountainous area of western Hubei Province andnortheastern Chongqing Municipality, China. (A US $500 million loan, approved in 2003.)[13]Ulaanbaatar Airport and National Air Navigation Development Projects: Chinggis Khaan
Colombo Harbour Expansion Project[15]Asia Climate Partners, a joint venture between ADB, ORIX Corporation, and Robeco InstitutionalAsset Management, that funds greenenergy projects.[16]
Effectiveness
Given ADB's annual lending volume, the return on investment in lessonlearning for operational anddevelopmental impact is high, and maximizing it is a legitimate concern. All projects funded by ADB areevaluated to find out what results are being achieved, what improvements should be considered, and what isbeing learned.
There are two types of evaluation: independent and selfevaluation. Selfevaluation is conducted by theunits responsible for designing and implementing country strategies, programs, projects, or technicalassistance activities. It comprises several instruments, including project/program performance reports,midterm review reports, technical assistance or project/program completion reports, and country portfolioreviews. All projects are selfevaluated by the relevant units in a project completion report. ADB’s projectcompletion reports are publicly disclosed on ADB’s website. Client governments are required to preparetheir own project completion reports.
Independent evaluation is a foundation block of organizational learning: It is essential to transfer increasedamounts of relevant and highquality knowledge from experience into the hands of policy makers,designers, and implementers. ADB’s Independent Evaluation Department (IED)[17] conducts systematic andimpartial assessment of policies, strategies, country programs, and projects, including their design,implementation, results, and associated business processes to determine their relevance, effectiveness,efficiency, and sustainability following prescribed methods and guidelines.[18] It also validates selfevaluations. By this process of evaluation, ADB demonstrates three elements of good governance:accountability, by assessing the effectiveness of ADB's operations; transparency, by independentlyreviewing operations and publicly reporting findings and recommendations; and improved performance, byhelping ADB and its clients learn from experience to enhance ongoing and future operations.
Operations evaluation has changed from the beginnings of evaluation in ADB in 1978. Initially, the focuswas on assessing after completion the extent to which projects had achieved their expected economic andsocial benefits. Operations evaluation now shapes decision making throughout the project cycle and inADB as a whole. Since the establishment of its independence in 2004, IED reports directly to ADB’s Boardof Directors through the Board's Development Effectiveness Committee. Behavioral autonomy, avoidanceof conflicts of interest, insulation from external influence, and organizational independence have madeevaluation a dedicated tool—governed by the principles of usefulness, credibility, transparency, andindependence—for greater accountability and making development assistance work better. IndependentEvaluation at the Asian Development Bank presents a perspective of evaluation in ADB from thebeginnings and looks to a future in which knowledge management plays an increasingly important role.[19]
In recent years, there has been a major shift in the nature of IED's work program from a dominance ofevaluations of individual projects to one focusing on broader and more strategic studies. To select prioritytopics for evaluation studies, IED seeks input from the Development Effectiveness Committee, ADBManagement, and the heads of ADB departments and offices. The current thrusts are to improve the qualityof evaluations by using more robust methodologies; give priority to country/sector assistance program
evaluations; increase the number of joint evaluations; validate selfevaluations to shorten the learning cycle;conduct more rigorous impact evaluations; develop evaluation capacity, both in ADB and in DMCs;promote portfolio performance; evaluate business processes; and disseminate findings andrecommendations and ensure their use. IED's work program has also been reinterpreted to emphasizeorganizational learning in a more clearly defined results architecture and results framework. It entailsconducting and disseminating strategic evaluations (in consultation with stakeholders),[20] harmonizingperformance indicators and evaluation methodologies, and developing capacity in evaluation and evaluativethinking.[21] All evaluation studies are publicly disclosed on IED's website (some evaluations of privatesector operations are redacted to protect commercially confidential information).[22] IED's evaluationresources are displayed by resource type, topic, region and country, and date.[23] Learnings are alsogathered in an online Evaluation Information System offering a database of lessons, recommendations, andADB Management responses to these.[24] Details of ongoing evaluations and updates on their progress aremade public too.[25]
Beginning 2006, acting within the knowledge management framework of ADB, IED has applied knowledgemanagement to lesson learning, using knowledge performance metrics.
Learning Lessons in ADB sets the strategic framework for knowledge management in operationsevaluation.[26] Improvements have been made that hold promise not only in IED but, more importantly, visàvis its interfaces with other departments and offices in ADB, developing member countries, and theinternational evaluation community. In the medium term, IED will continue to improve the organizationalculture, management system, business processes, information technology solutions, community of practice,and external relations and networking for lesson learning. Among the new knowledge products and servicesdeveloped, Learning Curves are brief references designed to feed findings and recommendations fromevaluation to a broader range of clients[27] Evaluation News report on events in monitoring and evaluation.Evaluation Presentations offer short photographic or PowerPoint displays on evaluation topics. Auditingthe Lessons Architecture highlights the contribution that knowledge audits can make to organizationallearning and health.[28]
Of the 1,106 ADBfunded projects evaluated and rated as of December 2007, 65% were assessed assuccessful, 27% partly successful, and 8% as unsuccessful.
Criticism
Since the ADB's early days, critics have charged that the two major donors, Japan and the United States,have had extensive influence over lending, policy and staffing decisions.[29]
Oxfam Australia has criticized the Asian Development Bank of insensitivity to local communities."Operating at a global and international level, these banks can undermine people's human rights throughprojects that have detrimental outcomes for poor and marginalized communities."[30] The bank alsoreceived criticism from the United Nations Environmental Program, stating in a report that "much of thegrowth has bypassed more than 70 percent of its rural population, many of whom are directly dependent onnatural resources for livelihoods and incomes."[31]
There had been criticism that ADB's large scale projects cause social and environmental damage due to lackof oversight. One of the most controversial ADBrelated projects is Thailand's Mae Moh coalfired powerstation. Environmental and human rights activists say ADB's environmental safeguards policy as well aspolicies for indigenous peoples and involuntary resettlement, while usually up to international standards onpaper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced bybank officials.[32][33]
The bank has been criticized over its role and relevance in the food crisis.The ADB has been accused bycivil society of ignoring warnings leading up the crisis and also contributing to it by pushing loanconditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading toproblems such as the rice supply shortage in Southeast Asia.[34]
The bank has also been criticized by Vietnam War veterans for funding projects in Laos, because of theUnited States' 15% stake in the bank, underwritten by taxes.[35] Laos became a communist country after theU.S. withdrew from Vietnam, and the Laotian Civil War was won by the Pathet Lao, which is widelyunderstood to have been supported by the North Vietnamese Army.
In 2009, the bank endorsed a $2.9 billion funding strategy for proposed projects in India. The projects inthis strategy were only indicative and still needed to be further approved by the bank's board of directors;however, PRC Foreign Ministry spokesman Qin Gang claimed, "The Asian Development Bank, regardlessof the major concerns of China, approved the India Country Partnership strategy which involves theterritorial dispute between China and India. China expresses its strong dissatisfaction over this.... The bank'smove not only seriously tarnishes its own name, but also undermines the interests of its members."[36]
United Nations Development Business
The United Nations launched Development Business in 1978 with the support of the Asian DevelopmentBank, the World Bank, and many other major development banks from around the world. Today,Development Business is the primary publication for all major multilateral development banks, UnitedNations agencies, and several national governments, many of whom have made the publication of theirtenders and contracts in Development Business a mandatory requirement.[37]
Strategy 2020
Strategy 2020 is The LongTerm Strategic Framework of the Asian Development and wide strategicframework to guide all its operations to 2020.
List of 20 Largest Countries and Regions by Subscribed Capitaland Voting Power
The following table are amounts for 20 largest countries by subscribed capital and voting power at theAsian Development Bank as of December 2014.[6]
The 20 Largest Countries by Subscribed Capital and Voting Power at the Asian Development Bank
Rank Country Subscribed Capital(% of Total) Rank Country Voting Power
(% of Total)World 100.000 World 100.000
1 Japan 15.677 European Union 15.7242 United States 15.567 1 Japan 12.840
European Union 14.429 2 United States 12.7523 China 6.473 3 China 5.4774 India 6.359 4 India 5.3865 Australia 5.812 5 Australia 4.9486 Canada 5.254 6 Canada 4.5027 Indonesia 5.131 7 Indonesia 4.4048 South Korea 5.060 8 South Korea 4.3479 Germany 4.345 9 Germany 3.77510 Malaysia 2.735 10 Malaysia 2.48711 Philippines 2.393 11 Philippines 2.21312 France 2.338 12 France 2.16913 Pakistan 2.188 13 Pakistan 2.04914 United Kingdom 2.051 14 United Kingdom 1.94015 Italy 1.815 15 Italy 1.75116 New Zealand 1.543 16 New Zealand 1.53317 Thailand 1.368 17 Thailand 1.39318 Taiwan 1.094 18 Taiwan 1.17419 Netherlands 1.030 19 Netherlands 1.12320 Bangladesh 1.026 20 Bangladesh 1.119
Members
ADB has 67 members (as of 2 February 2007): 48 members from the Asian and Pacific Region, 19members from Other Regions.[6] Notable nonmembers are Bahrain, Iran, Iraq, Jordan, Kuwait, Lebanon,North Korea, Oman, Qatar, Saudi Arabia, the United Arab Emirates, and Yemen. Names are as recognizedby ADB.The year after a member's name indicates the year of membership. At the time a country ceases to be amember, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of thesettlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of Article43.[39]
Asian Infrastructure Investment Bank (AIIB)Asian Development Bank Institute (ADBI)African Development BankAsia Cooperation DialogueAsian Clearing UnionInternational Monetary FundWorld BankSouth Asia Subregional Economic Cooperation
report2013)3. Ming, Wan (Winter 1995–1996). "Japan and the Asian Development Bank" (http://hir.harvard.edu/article
authors/mingwan). Pacific Affairs (University of British Columbia) 68 (4): 509–528. doi:10.2307/2761274(https://dx.doi.org/10.2307%2F2761274). JSTOR 2761274 (https://www.jstor.org/stable/2761274).
4. http://www.adb.org/publications/creativeproductivityindexanalysingcreativityandinnovationasia5. http://www.adb.org/sites/default/files/publication/59586/creativeproductivityindex_0.pdf6. Members, Capital Stock, and Voting Power (December 2013) (http://www.adb.org/about/members)7. New ADB President Takehiko Nakao Assumes Office (http://www.adb.org/news/newadbpresidenttakehiko
nakaoassumesoffice)8. "Contacts (http://www.adb.org/contacts)." (Archive (http://www.webcitation.org/65aHxBRYl)) Asian
Development Bank. Retrieved on April 21, 2015. "6 ADB Avenue, Mandaluyong City 1550, Philippines"9. "Contacts: How to Visit ADB (http://www.adb.org/contacts/main)." (Archive
(http://www.webcitation.org/65aHzlnkl)) Asian Development Bank. Retrieved on April 21, 2015.10. "The Fifth General Capital Increase of the Asian Development Bank"
(http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=2148473). ADB Policy Papers (ADB). March 2009.Retrieved 20100916.
11. "General Capital Increase V" (http://www.adb.org/publications/focusgeneralcapitalincreasev). ADB Infocus(ADB). April 2010. Retrieved 20100916.
12. "Greater Mekong Subregion" (http://www.adb.org/gms). Asian Development Bank. 19 November 2007.Retrieved 20071210
15. Asian Development Bank (ADB) (5 August 2013). "Newly Expanded Colombo Port To Make Sri Lanka IntoCompetitive Shipping Hub" (http://www.adb.org/news/newlyexpandedcolomboportmakesrilankacompetitiveshippinghub). ADB. Retrieved 18 October 2013.
16. "Private equity fund JV set up by ADB to support low carbon projects"(http://www.asiabulletin.com/index.php/sid/224427129). Asia Bulletin. Retrieved 4 August 2014.
17. Evaluation (http://www.adb.org/evaluation), adb.org.18. Methods and Guidelines ADB.org (http://www.adb.org/site/evaluation/methodsguidelines)19. Independent Evaluation at the Asian Development Bank ADB.org
(http://www.adb.org/publications/independentevaluationasiandevelopmentbank)20. Resources Independent Evaluation at the Asian Development Bank
(http://www.adb.org/site/evaluation/resources)21. Evaluation Capacity Development in ADB's Developing Member Countries
(http://www.adb.org/site/evaluation/capacitydevelopment)22. Independent Evaluation at the Asian Development Bank ADB.org (http://www.adb.org/evaluation/)23. Evaluation Reports ADB.org (http://www.adb.org/site/evaluation/evaluationdocumentstype)
Wikimedia Commons hasmedia related to AsianDevelopment Bank.
External links
Bank Information Center (http://www.bicusa.org/)The ADB website (http://www.adb.org)ADB Institute (http://www.adbi.org)"Inequality Worsens across Asia"(http://www.dollarsandsense.org/archives/2007/1107miller.html), Dollars & Sense magazine,November/December 2007. Article discussing recent reports from the ADB."The right business environment" (http://www.dandc.eu/en/article/fightyouthunemploymentasianeedsmorejobsnotmoreschools) Youth unemployment in Asia. An interview with Jesus Felipe,advisor in the Economics and Research Department of ADB.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Asian_Development_Bank&oldid=673607957"
24. ADB Evaluation Information System (http://evis.adb.org)25. Ongoing Evaluations of ADB Policies & Operation in Asia & the Pacific ADB.org
(http://www.adb.org/site/evaluation/ongoingevaluations)26. Learning Lessons in ADB: Strategic Framework, 20072009 ADB.org
(http://www.adb.org/documents/series/learninglessons)27. Learning Curves ADB.org (http://www.adb.org/documents/series/learningcurves)28. Auditing the Lessons Architecture ADB.org (http://www.adb.org/publications/auditinglessonsarchitecture)29. Kilby, Christopher (2002). "Donor Influence in MDBs: The Case of the Asian Development Bank"
(http://www.williams.edu/Economics/neudc/papers/ADB.3.pdf) (PDF). The Review of International Organizations68 (4): 509–528. Retrieved 20100916.
30. Oxfam Australia. "The Mekong and Asian Development Bank (http://www.oxfam.org.au/campaigns/adb/)31. IPS. "UNEP faults Asian development project." (http://ipsnews.net/news.asp?idnews=38568)32. " LOCAL CONCERNS IGNORED Largescale ADB projects draw criticism"
(http://search.japantimes.co.jp/cgibin/nn20070508a5.html)33. NGO criticises ADB and questions its ability to reduce poverty
(http://www.rfi.fr/actuen/articles/113/article_3679.asp)34. "ADB to meet amid food crisis, growing poverty" (http://www.bicusa.org/en/Article.3746.aspx)35. Walsh, Denny (20080423). "Laos plot case back in federal court"
(http://www.sacbee.com/101/story/882584.html). Sacramento Bee. Retrieved 20080423.36. "China slams ADB over India funding" (http://english.sina.com/china/2009/0618/249531.html). SINA English.
20090619. Retrieved 20090624.37. United Nations Development Business' website (http://www.devbusiness.com)38. ADB Graduation policy (http://www.adb.org/documents/graduationpolicybanksdmcs)39. Agreement Establishing the Asian Development Bank (http://www.adb.org/documents/agreementestablishing
asiandevelopmentbankadbcharter). Asian Development Bank. Retrieved 2007121040. Joined as Kingdom of Laos, succeeded by Lao PDR in 197541. Taipei,China's Fact Sheet on the ADB website (http://www.adb.org/publications/taipeichinafactsheet)42. Joined as China, Republic of representing not only Taiwan Area, but also nominally Mainland China until
1986. However, its share of Bank capital was based on the size of Taiwan's capital, unlike the World Bank andIMF where the government in Taiwan had had a share. The representation was succeeded by People'sRepublic of China in 1986. However, the ROC was allowed to retain its membership, but under the name ofTaipei,China (space deliberately omitted after the comma) — a name it protests. Uniquely, this allows both sidesof the Taiwan Straits to be represented at the institution.
43. Formerly Viet Nam, Republic of until 197544. Joined as "Hong Kong", not "Hong Kong, China"45. Founding member; joined as West Germany.
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