The Bank started functioning in 1966 with its Headquarters in Manila, Philippines. It is owned by the governments of 40 countries from the region and 16 countries from outside the region.
In 28 years of operations, the Bank has become a major catalyst in promoting the development of the most populous and fastest- growing region the world today. The Bank's principal functions are: to make loans and equity investments for the economic and social advancement of developing member countries; to provide technical assistance for the preparation and execution of the development projects and programs and advisory services; to promote investment of public and private capital for development purposes; to respond to requests for assistance in coordinating development policies and plans of developing member countries.
In its operations, the Bank is also required to give special attention to the needs of the smaller or less developed countries and give priority to regional, sub-regional and national projects and programs which will contribute to the harmonious economic growth of the region as a whole.
