The Asian Development Bank was founded four decades ago to help lift Asia out of poverty. At the time, per capita GDP in the region was less than $170; the 31 founding countries sought to create an institution that would help them gain access to scarce capital and speed their development.
Today, average income is six times that level, the region is an engine of the global economy, and the ADB's roster has more than doubled to include 67 countries. Asia's changing profile obliges the ADB to change as well. But as it adapts to new economic realities, it is vital that the institution not lose sight of its core mission — reducing the number of Asians who continue to live in poverty. The bank must balance the needs of its poorest constituents with those of its more affluent members.
Asia is best characterized by its diversity. It has some of the richest and most dynamic economies in the world — Japan is one of the world's most affluent nations, while South Korea and the other "tigers" and "dragons" of East and Southeast Asia are setting the pace for economic growth — and simultaneously is home to some 1.9 billion people living on $2 a day. It produces some of the most advanced technologies in the world, while including some nations whose agricultural sectors have not changed for centuries. Its countries include some of the largest in the world — India and China — and some of the smallest (Singapore). While the ADB was formed to help its members acquire capital for development, today the region holds an estimated $3.1 trillion in currency reserves and even provides financing in some developed nations.