Israel has officially joined the Asian Development Bank (ADB) as its latest non-regional member, the Manila-based lender announced on Friday. The membership was approved by the bank’s board of governors in April 2022, with the completion of formal requirements allowing Israel’s entry.
Israeli Finance Minister Bezalel Smotrich will serve as the country’s representative, according to a source from ADB. This addition brings the total number of ADB members to 69, with Japan and the United States being the largest contributors, each committing over $22.23 billion.
Economist Victor Abola from the University of Asia and the Pacific noted that Israel’s involvement could strengthen its global trade and strategic alliances beyond traditional Western partners. However, security expert Chester Cabalza expressed concern that Israel’s ongoing conflict in Gaza could provoke a “polarisation” within the ADB, potentially pushing some members towards the China-led Asian Infrastructure Investment Bank (AIIB). Several Muslim-majority nations in the ADB have been critical of Israel’s actions in the region.
Founded in 1966, the ADB now has 49 members from Asia and 20 non-regional members.