Full form of ADB or AIIB?
VerifiedAnswer: Asian Development Bank, Asian Infrastructure Investment Bank
Explanation:
Both ADB and AIIB are important multilateral financial institutions that play crucial roles in promoting economic development and cooperation in the Asia-Pacific region. Understanding these organizations is essential for students studying international economics, geography, and current affairs.
The Asian Development Bank (ADB) was established in 1966 and is headquartered in Manila, Philippines. It is one of the oldest regional development banks in Asia, founded with the primary goal of reducing poverty and promoting sustainable economic growth across Asia and the Pacific. The ADB has 68 member countries, including both regional and non-regional members. Major shareholders include Japan, the United States, China, India, and Australia.
The Asian Infrastructure Investment Bank (AIIB) is a relatively newer institution, established in 2016 with its headquarters in Beijing, China. It was created to complement existing multilateral development banks by focusing specifically on infrastructure development in Asia. The AIIB currently has over 100 member countries from around the world, making it one of the fastest-growing multilateral development banks.
Key differences between these institutions include their founding periods, geographical focus, and operational approaches. While ADB has a broader mandate covering various aspects of development including education, health, and environmental projects, AIIB specifically concentrates on infrastructure projects such as transportation, energy, telecommunications, and urban development.
Both organizations provide financial assistance through various instruments including loans, grants, technical assistance, and policy dialogue. They work closely with member governments to identify development priorities and implement projects that can have significant positive impacts on economic growth and poverty reduction in the region.
For students preparing for competitive examinations, it's important to remember that these acronyms frequently appear in current affairs questions. Both institutions represent significant examples of regional cooperation and multilateral diplomacy in action, demonstrating how countries can work together to address common development challenges and promote shared prosperity in the Asia-Pacific region.
