The US and the Asian development bank: origins, structure and lending operations

Abstract

The dominant discourse related to the establishment of the Asian Development Bank revolves around its structure, functions and lending operation. But the self-serving role played by the US during its formative years has been largely neglected. This article focuses on the early years of the Bank (1967-1972) and American efforts to make it a subservient tool of American foreign policy. A close examination of American role and influence within the Bank during its formative stage illustrates how multilateral institutions, funded by rich countries, can be used to force poor nations adopt methods for dealing with their problems, at odds with their own interest.