MANILA: Israel officially became the newest non-regional member of the Asian Development Bank, according to a statement from the ADB based in the Philippines on Friday. The board of governors of the ADB had approved Israel’s membership in April 2022, subject to meeting certain membership requirements.
Israeli Finance Minister Bezalel Smotrich is set to be the representative for Israel at the ADB, a source aware of the matter said.
This brings ADB to have 69 members, of which the principal contributors are Japan and the United States, contributing more than $22.23 billion in capital.
University of Asia and the Pacific economist Victor Abola said a new member for Israel could spawn “polarisation” in the Asean. He also said that, although Israel is an old ally of the US and Europe, it wants to build better friendships around the world. “The greater involvement here means closer strategic ties and trade,” he added.
In this way, Israel continues to strengthen international ties, further so in the Asia-Pacific region. Beyond an economic cooperation, the membership of Israel in ADB would have implications that touch upon regional geopolitics and cooperation between member nations.
