Asian Development Bank and Korea: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides information on Republic of Korea's contributions to ADB in terms of capital subscription and funding, the country’s delegates to ADB, and the involvement of Korean companies and consultants in ADB projects. The Asian Development Bank (ADB) is dedicated to reducing poverty in the Asia and Pacific region through pro-poor sustainable economic growth, social development, and good governance. Established in 1966, it is owned by 66 member nations—47 from the region—who have committed $116 billion to the vision of a region free of poverty. The Republic of Korea is the eighth largest shareholder. It has contributed $2.55 billion in capital subscription and $291.33 million to special funds since joining in 1966. Despite many successes, the region is still home to two thirds of the world’s poor: nearly 1.9 billion people who live on $2 a day or less, with 620 million struggling on less than $1 a day. Companies and consultants from the Republic of Korea have been awarded $4.1 billion in procurement contracts on ADB-financed projects since 1967.