Israel officially joined the Asian Development Bank (ADB) as its 69th member and 20th nonregional member on Thursday, after fulfilling all necessary membership requirements.
Israel submitted its application for ADB membership in January 2022. The ADB Board of Governors approved the membership on April 14, 2022, through Resolution No. 414: Membership of Israel and Increase in Authorized Capital Stock.
The resolution mandated that Israel complete specific membership conditions before the admission became effective.
The ADB, established in 1966, is dedicated to fostering a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while striving to eradicate extreme poverty.
It comprises 69 members, with 49 from the Asia-Pacific region and 20 nonregional members, including Israel.
Under the terms of Resolution No. 414, Israel subscribed to 150 shares of the ADB’s capital stock, valued at $10,000 each. Of these, eight shares are paid-in, while 142 shares are callable. Payment for the paid-in shares was completed as stipulated, with 41% paid in a convertible currency and 59% in Israeli shekels.
The authorized capital stock increase ensures that the ADB can accommodate Israel’s investment.
The Secretary of ADB certified in writing that Israel had satisfied all conditions precedent to membership, thereby making the membership effective today.
As part of its obligations, Israel agreed to implement the provisions of Chapter VIII of the ADB Charter within its territory, ensuring alignment with the bank’s governance and operational standards.
ADB said Israel’s membership reinforces its commitment to expanding its network of partners who contribute to sustainable development and economic growth in the region.
Israel’s admission to the ADB is expected to enhance collaboration on various development projects, leveraging Israel’s expertise in technology and innovation. The partnership aims to support initiatives that drive social and economic progress across Asia and the Pacific.
The increase in ADB’s authorized capital stock, resulting from Israel’s membership, underscores the bank’s ongoing efforts to broaden its financial base and support a diverse range of member economies.
