The late s were a dark period for Asia, which was hit hard by the Asian Financial Crisis of By , poverty reduction became the top priority of the ADB. In the s, the Asian Development Bank expanded its response to the humanitarian crisis in Asia. Following the Millennium Summit of the United Nations , the World Bank established the Millennium Development goals, which include the elimination of hunger and extreme poverty, promotion of universal primary education, reduction in child mortality, gender equality, combating disease, ensuring environmental sustainability, improving maternal health and establishing a global cooperative effort towards development.
The ADB committed to helping its member states achieve each of these goals. In , Asia was struck with a severe acute respiratory syndrome epidemic, illustrating the need for regional cooperation to combat infectious diseases.
The history of the Asian Development Bank is one of constant evolution. It was established with open-ended goals and forced to adapt to new challenges as they arose. The financial crisis in prompted a focus on poverty reduction. Most recently, the natural disasters in the early s catapulted the ADB into disaster recovery. In its eventful year history, the one constant of the Asian Development Bank is its willingness to assume a central role to address regional challenges.
Blog - Latest News. Founding and Early History The bank was founded in the early s to foster cooperation among Asian countries and spur economic growth in the region. Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement, while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials.
The bank has been criticized over its role and relevance in the food crisis. The ADB has been accused by civil society of ignoring warnings leading up the crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading to problems such as the rice supply shortage in Southeast Asia.
Laos became a communist country after the U. The projects in this strategy were only indicative and still needed to be further approved by the bank's board of directors; however, PRC Foreign Ministry spokesman Qin Gang claimed, "The Asian Development Bank, regardless of the major concerns of China, approved the India Country Partnership strategy which involves the territorial dispute between China and India. China expresses its strong dissatisfaction over this The bank's move not only seriously tarnishes its own name, but also undermines the interests of its members.
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