Proposed strategies for ABC Development Bank

The ABC Development Bank is an international organization established in 1966. The purpose of ABC Development Bank is to foster economic growth and cooperation in Asia and the Pacific (the region) and to contribute to the economic development of the developing member countries in the region collectively and individually. With the adoption of its poverty reduction strategy at the end of 1999, ADCDB made reducing poverty in the region its main goal. ABCDB \u27s strategy for reducing poverty rests on three pillars: pro-poor, sustainable economic growth, social development and good governance. ABCDB pursues such goal primarily by providing loans, guarantees and related technical assistance for projects and programs in the territories of its developing member countries. ABC Development Bank is owned by 59 members, the two largest shareholders are U.S. and Japan having subscribed 15.9 percent each of the total. ABCDB is headquartered in Manila and 14 resident missions, country office in the Philippines, a regional office in Vanuatu, special liaison office in East Tomor, extended mission in Papua New Guinea and Thailand and three representative offices located in Washington D.C., U.S.A. for North America, Frankfort, Germany for Europe and Tokyo, Japan for Japan. ABCDB is governed by the Agreement Charter which has the force of law in each of ABCDB\u27s 59 member countries. ABCDB provides funds from either its ordinary capital resource or special funds. It adheres to prudent borrowing and lending practices. All powers of ABCDB are vested in the Board of Governors which consists of one Governor and one alternate appointed by each member. The Bank is immune from every form of legal process, unless it chooses to waive such immunity, except in relation to borrowings, guarantees and the purchase, sale or underwriting of securities. ABCDB charter states that its assets, income and transactions are exempt from all taxation and all custom duties. The ABC Development Bank\u27s vision is of Asia and Pacific free of poverty. Presently, the bank\u27s strategy is working on long-term strategic framework that will guide the ABCDB\u27s operational management in the future and other support activities in support of ABCDB\u27s objectives. The proposed strategy will be the immediate approval of the long-term strategic framework in the pursuit of its objectives-- to help DMCs improve living conditions and the quality of life, with poverty reduction being accorded the paramount priority