CURRENT AFFAIRS

Detailed explanation-1: -The Asian Development Bank (ADB) has announced an increase in its climate financing goals 2019-2030 for developing member countries (DMCs) by $20 billion to $100 billion. Earlier in 2018, ADB had announced an $80 billion goal for climate financing for developing countries in Asia during 2019-2030.

Detailed explanation-2: -From 31 members at its establishment in 1966, ADB has grown to encompass 68 members-of which 49 are from within Asia and the Pacific and 19 outside.

Detailed explanation-3: -Strategy 2030 sets the course for the Asian Development Bank (ADB) to respond effectively to the region’s changing needs. Under Strategy 2030, ADB will sustain its efforts to eradicate extreme poverty and expand its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.

Detailed explanation-4: -Niue became the 68th Member of the Asian Development Bank in March 2019.

Detailed explanation-5: -The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty in the region.