Pranab Mukherjee elected Chair of ADB Governors’ Board
Finance Minister Pranab Mukherjee elected as Chair of the ADB’s Board of Governors. The 46th yearly meeting of ADB (Asian Development Bank) will be held in India in 2013. Mr. Mukherjee held that India is very happy to accept the chair.
- India was the founding member of the ADB in 1966 but ADB’s lending operations in India began almost 20 years later.
- ADB is a key multilateral lending organization with its head-quarters in the Manila, Philippines.
- ADB has 67 members, of which 48 are from Asia.
- The US and Japan are the largest shareholders of the ADB while India is the 5th largest.