After its creation in the 1960s, the AfDB focused much of its aid on food production and rural development. At that time, Asia was one of the poorest regions in the world.  The Board of Governors also elects the President of the Bank, who is Chairman of the Board of Directors and heads the AfDB. The President has a five-year term and may be re-elected. Traditionally, and because Japan is one of the bank`s largest shareholders, the president has always been Japanese. Oxfam Australia has criticised the Asian Development Bank for its insensitivity to local communities. “These banks, operating globally and internationally, can undermine people`s human rights through projects that have a negative impact on poor and marginalized communities.  The bank has also been criticized by the United Nations Environment Programme, which said in a report that “much of the growth has bypassed more than 70 percent of the rural population, many of whom depend directly on natural resources for their livelihoods and incomes.”  After significant pressure from the Reagan administration in the 1980s, the AfDB reluctantly began working with the private sector to increase the impact of its development assistance on poor countries in Asia and the Pacific. Following the second oil crisis, the AfDB extended its support to energy projects. In 1982, the AfDB opened its first field office in Bangladesh and, later in the same decade, expanded its work with non-governmental organizations (NGOs).
 More than 50 partnership financing mechanisms, trust funds and other funds – totalling billions per year – are managed by the AfDB and used for projects to promote social and economic development in Asia and the Pacific.  The AfDB raised Rs 5 billion, or about Rs 500 crore, through the issuance of 5-year offshore bonds in Indian Rupee (INR). The idea resurfaced in late 1962 when Kaoru Ohashi, an economist at a research institute in Tokyo, visited Takeshi Watanabe, then a private financial advisor in Tokyo, and proposed a study group to create a development bank for the Asian region. The group met regularly in 1963, discussed various scenarios for the creation of a new institution, and drew on Watanabe`s experience with the World Bank. However, the idea was coldly received by the World Bank itself and the task force was discouraged. As intensive work was underway in 1966 to prepare for the opening of the new bank in Manila, the election of the president was at the top of the agenda. Japanese Prime Minister Eisaku Satō asked Watanabe to introduce himself. Although he initially refused, the pressure came from other countries and Watanabe agreed. In the absence of other candidates, Watanabe was elected the first President of the Asian Development Bank at its constituent meeting on November 24, 1966. Japanese Presidents Inoue Shiro (1972-76) and Yoshida Taroichi (1976-81) were in the spotlight in the 1970s.
Fujioka Masao, the fourth president (1981-90), adopted a confident leadership style and launched an ambitious plan to make the AfDB an influential development agency. The AfDB defines itself as a social development organization dedicated to poverty reduction in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. This is done through investments – in the form of loans, grants and information sharing – in infrastructure, health services, financial and public governance systems that help countries prepare for the effects of climate change or better manage their natural resources, as well as in other areas. In the 1970s, the AfDB`s assistance to developing countries in Asia expanded to include education and health, followed by infrastructure and industry. The gradual emergence of Asian economies in the second half of the decade has spurred demand for better infrastructure to support economic growth. When the world suffered its first oil shock, the AfDB devoted more of its aid to supporting energy projects, particularly to promote the development of domestic energy sources in member countries.  [Reproduced from Chamber Document No. 361, 89th Congress, 2nd Session (18 January 1966), pp. 7-36.
The message from the President of the United States conveying the agreement to Congress; the Final Act of the Plenipotentiary Conference convened by the United Nations Economic Commission for Asia and the Far East, which adopted the Agreement; and the list of conference participants was omitted. A report from the U.S. Department of the Treasury is on page 292.] The Bank`s highest political decision-making body is the Board of Governors, composed of one representative from each Member State. The Board of Governors, in turn, elects the twelve members of the Board of Directors and their alternates from among itself. Eight of the twelve members come from regional (Asia-Pacific) members, while the rest come from non-regional members.  The Asian Development Bank (ADB) is a regional development bank established on December 19, 1966 and headquartered at the Ortigas Center in the city of Mandaluyong, Metro Manila, Philippines. The company also has 31 field offices around the world to promote social and economic development in Asia. The Bank hosts 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 non-regional industrialized countries.  Of the 31 members at its inception, the AfDB now has 68 members. On February 26, 2020, the AfDB raises $118 million in rupee-related bonds and supports the development of the India International Exchange in India, as it also contributes to an established yield curve that runs from 2021 to 2030 with $1 billion in bonds outstanding.  The AfDB provides “hard” loans on commercial terms mainly to middle-income countries in Asia and “subsidized” loans at lower interest rates to the poorest countries in the region. Based on a new policy, both types of loans will come from the Bank`s ordinary capital resources (OCR) from January 2017, which act as a general operating fund.
 As the main player in the concept, Japan hoped that the AfDB`s offices would be located in Tokyo. However, eight other cities had also expressed interest – Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore and Tehran. To decide, the 18 future regional members of the new bank held three rounds of voting at a ministerial conference in Manila in November/December 1965. In the first round on 30 November, Tokyo was unable to obtain a majority, so a second round of voting was held the following day at noon. Although Japan was in the lead, it was still inconclusive, so after lunch a final vote was held. In the third election, Tokyo won eight votes to nine in Manila, with one abstention. Therefore, Manila was declared the host of the new development bank. The Japanese were confused and deeply disappointed. Watanabe later wrote in his personal history of the AfDB: “I felt that the child I had raised so carefully had been abducted in a distant land.” (Asian Development Bank publication, “Towards a New Asia”, 1977, p. 16) It has been criticized that major AfDB projects cause social and environmental damage due to a lack of oversight. One of the most controversial projects related to the AfDB is the Mae Moh coal-fired power plant in Thailand. Environmental and human rights activists argue that the AfDB`s environmental protection policies, as well as the policy for indigenous peoples and involuntary resettlement, although they generally meet international standards on paper, are often ignored in practice, are too vague or weak to be effective.
or simply not enforced by bank officials.   In the early 2000s, private sector financing expanded dramatically. While the institution had been conducting such operations since the 1980s (under pressure from the Reagan administration), the first attempts at low loan volumes, large losses, and financial scandals related to a unit called ACEC were very unsuccessful. Beginning in 2002, however, the AfDB undertook a dramatic expansion of private sector lending under the leadership of a new team. Over the next six years, the Department of Private Sector Operations (PSOD) increased the AfDB`s level of financing and revenue by 41 times in 2001. This culminated in the formal recognition of these achievements by the Board of Directors in March 2008, when the Board formally adopted the Long-Term Strategic Framework (TFSA). The document officially stated that supporting private sector development was the AfDB`s priority and that it should account for 50% of the Bank`s lending by 2020. The AfDB has been closely aligned with the World Bank and has a similar weighted voting system where votes are distributed in proportion to members` equity subscriptions. .