Asian Development Bank (ADB) was established in 1966. Headquartered in Manila, Philippines. Since Japan is the largest shareholder of the bank, the president of the bank is the permanent representative of Japan. Since April 2013, the organization has been headed by Masatsugu Asakawa. There are 67 member countries that finance the Asian Development Bank, 48 of which are located in the Asia and Pacific region. Azerbaijan became a member of ADB on October 29, 1999.