Israel’s recent accession as a non-regional member of the Asian Development Bank (ADB) marks a significant step in its international relations and economic strategy. Announced on Friday by the ADB, this membership adds Israel to a diverse group of countries dedicated to fostering regional development and cooperation in Asia. The ADB, headquartered in the Philippines, has been a key player in supporting economic growth and social progress in the region.
The approval of Israel’s membership by the ADB’s board of governors in April 2022 was contingent upon the nation meeting specific requirements. Now that it has been officially inducted, Israel brings the total number of ADB members to 69. Among these members, Japan and the United States stand out as major contributors, each contributing over $22.23 billion to the bank’s capital.
Israeli Finance Minister Bezalel Smotrich will represent the country within the ADB. This appointment highlights Israel’s commitment to engaging with the international community and expanding its influence beyond its traditional allies. According to economist Victor Abola from the University of Asia and the Pacific, this move reflects Israel’s strategic intent to diversify its partnerships and strengthen global alliances.
Abola also expressed concern that Israel’s membership might lead to polarization within the ADB, especially given its close ties with the U.S. and Europe. However, he emphasized that increased involvement in the ADB could facilitate closer strategic ties and enhance trade opportunities for Israel, potentially benefiting both the country and the broader region.
As Israel navigates this new chapter, its participation in the ADB may lead to fruitful collaborations, fostering economic development and mutual growth within the Asian context.
