The proposal was made in 1963 to establish Asian Development Bank by the expert group of regional cooperation of the UN’s Economic Commission for Asia and the Far East (ECAFE). By reaching a multilateral agreement in December 1966. The objective of the bank is to stimulate economic development of member countries by promoting optimal Utilization of regional resources.
ADB is a regional development bank established for lending funds promote investment, and provide technical assistance to member developing countries in the region and foster economic growth in cooperation in Asia. Membership consist both regional and non-regional countries, which are 66 in number. Nepal is one of the founding member. The 19 non regional members (i.e Australia, Belgium, Canada, Denmark, France, Finland, Germany, Italy, Ireland, Luxemburg, Netherlands ,Norway, Portugal, Sweden, Switzerland, Spain, Turkey, U.S.A, U.K) were received to develop economic ties of Asia.
ADB is one of the largest multilateral donors of Nepal. Considerable loan assistance has beesn contributed in the sectors of agriculture, agro industry, transport and communication, energy, industry, education, water resources, forestry and first one being in the fields of air transport.
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