The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world.
ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. ADB is composed of 67 members, 48 of which are from the Asia and Pacific region.
ADB adopted a regional cooperation policy (RCP) in 1994 that, for the first time, articulated ADB’s approach to promoting regional cooperation. The RCP thus fleshed out one of the key mandates of the Agreement Establishing the Asian Development Bank (the Charter): “The purpose of the Bank shall be to foster economic growth and cooperation in the region… and contribute to the acceleration of the process of economic development of the developing countries in the region, collectively and individually.”