From the Liveblog of
Friday, September 27, 2024
Israel becomes member of Asian Development Bank
Israel has become the newest non-regional member of the Asian Development Bank, the Philippines-based lender announces, with an analyst cautioning that the move might cause “polarization” in the institution.
The bank’s board of governors had approved Israel’s entry in April 2022 pending its completion of the membership requirements, the ADB says in a statement. Finance Minister Bezalel Smotrich will be the country’s representative, a source from ADB tells AFP.
The bank now has 69 members, with Japan and the United States the major contributors to its capital, at more than $22.23 billion apiece.
“They [Israel] are allied with US, and basically Europe right, but they would want to also… have more friends across the globe, not only those that have been traditionally allied with them,” says economist Victor Abola, of the Manila-based University of Asia and the Pacific.
“The greater involvement here means closer strategic ties and trade,” Abola tells AFP.
Established in 1966, the ADB is owned by its 69 members, 49 of which are in Asia. Israel, which first applied for membership in January 2022, is the 20th non-regional member.
The Times of Israel Community.