Asian Development Bank (ADB) is a regional development bank founded on December 19, 1966, based at the Ortigas Center, in the city of Mandaluyong, Metro Manila, Philippines. In addition, the company has 31 field offices worldwide to promote social and economic development in Asia. The Bank welcomes members of the United Nations Economic and Social Commission for Asia and the Pacific (UNSCAP, formerly the Economic Commission for Asia and the Far East, or ECAFE) and non-regional industrialized countries.  Out of 31 members, the ADB now has 68 members. The Bank has an international personality in its own right to fulfill its objective and the tasks entrusted to it. To this end, it can enter into agreements with members, third countries and other international organizations. To this end, the Bank enjoys, on the territory of each member, the status, immunities, immunities and privileges covered in this chapter. General Counsel`s Note: The adoption of the section 33 amendment, that the composition of the Bank`s Board of Directors has increased from nine to eighteen and provides for the exclusive election of twelve directors by regional members and six non-regional members, has necessitated the establishment of separate rules for the election of regional and non-regional directors to Appendix B. that the Governing Council must review the minimum and maximum rates set out in the original version of the Schedule B for the election of a director. In considering this amendment, the Governing Council decided that, in the Schedule B section on the election of regional directors, the respective percentages should be eight and ten instead of eight and ten instead of ten and twelve as set in the original rules, while setting minimum and maximum rates for the election of non-regional directors at fourteen and nineteen respectively. These decisions, taken before the adoption of the resolution amending the banking agreement, are considered to be the adoption of the new minimum and maximum percentages. However, the rules on the election of executive directors and the corresponding resolution authorizing their choice should be referred to, which may include changes to the minimum and maximum percentages in this Appendix B.
Loans under this section to the Bank are payable by the Bank to the loan member at an interest rate equal to the Bank`s average interest rate for its special fund borrowings within one year of the conclusion of the loan agreement. This rate cannot exceed a maximum rate set from time to time by the Governing Council. In 1956, Japanese Finance Minister Hisato Ichimada had already proposed to U.S. Secretary of State John Foster Dulles that development projects in Southeast Asia could be supported by a new financial institution for the region. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan will support the creation of a regional development fund with funds mainly from Japan and other industrialized countries. But the United States did not warm up for the plan and the concept was frozen. See full account in Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, July 2017.