IGCSE Development Studies: Specimen Questions with Answers 45 - 46 of 98

Explanation

Asian Development Bank (ADB) is a regional development bank which was established on 22^nd August, 166 with the main purpose of facilitating economic development in the countries of Asia. ADB members have grown from 31 to 67 of which 48 are from Asia and Pacific and the others are from outside.

• Promotes investment in the region of public and private capital for development purposes.
• Provide loans for the economic and social development of the member countries of the region
• Help member countries in coordinating their development policies and plan.
• Mobilization of financial resources through financing operations that cover official, export credit and commercial sources.

Explanation

Globalization is a process of interacting and sharing technology, knowledge, skills with other nations through different modes like:

• Trade
• Political co-operation
• Science
• Media
• Culture Exchange

It is the ongoing social, economic, political process that broadens and deepens the relationship and interdependencies amongst different countries, their people, government, and firms. International business is responsible for facilitating the process of globalization. The power remains in the hands of stock bonds and currency traders moving fund. It is beneficial for the multinational corporations looking for more efficient, low cost producers.