Articles 1-3

Purpose, Functions, Membership

January 31, 2022

Article 1: PURPOSE

The Bank shall=

  • foster economic growth and co-operation in the region of Asia and the Far East
  • contribute to accelerate economic development of the developing member countries collectively and individually.

Region refers to the Terms of Reference of the United Nations Economic Commission for Asia and the Far East.

Article 2: FUNCTIONS

  1. To promote investment in the region of public and private capital for development purposes
  2. To utilize the resources at its disposal for financing development of the developing member countries in the region, giving priority to those regional, sub-regional as well as national projects and programmes which will contribute most effectively to the harmonious economic growth of the region as awhole, and having special regard to the needs of the smaller or less developed member countries in the region
  3. To meet requests from members in the region to assist them in the coordination of their development policies and plans with a view to achieving better utilization of their resources, making their economies more complementary, and promoting the orderly expansion of their foreign trade, in particular, intra-regional trade
  4. To provide technical assistance for the preparation, financing and execution of development projects and programmes, including the formulation of specific project proposals;
  5. To co-operate, in such manner as the Bank may deem appropriate, within the terms of this Agreement, with the United Nations, its organs and subsidiary bodies including, in particular, the Economic Commission for Asia and the Far East, and with public international organizations and other international institutions, as well as national entities whether public or private, which are concerned with the investment of development funds in the region, and to interest such institutions and entities in new opportunities for investment and assistance; and
  6. to undertake such other activities and provide such other services as may advance its purpose.

Article 3: MEMBERSHIP

  1. Membership in the Bank shall be open to= (i) members and associate members of the United Nations Economic Commission for Asia and the Far East; and (ii) other regional countries and non- regional developed countries which are members of the United Nations or of any of its specialized agencies.

  2. Countries eligible for membership under paragraph 1 of this Article which do not become members in accordance with Article 64 of this Agreement may be admitted, under such terms and conditions as the Bank may determine, to membership in the Bank upon the affirmative vote of 2/3 of the total number of Governors, representing not less than three-fourths of the total voting power of the members.

  3. In the case of associate members of the United Nations Economic Commission for Asia and the Far East which are not responsible for the conduct of their international relations, application for membership in the Bank shall be presented by the member of the Bank responsible for the international relations of the applicant and accompanied by an undertaking by such member that, until the applicant itself assumes such responsibility, the member shall be responsible for all obligations that may be incurred by the applicant by reason of admission to membership in the Bank and enjoyment of the benefits of such membership. “Country” as used in this Agreement shall include a territory which is an associate member of the United Nations Economic Commission for Asia and the Far East.

Comments

Avatar
No comments yet. Post a comment in the form at the bottom.

All Superphysics principles in our books

The Simplified Series

Sponsors
Superphysics