MANILA: Israel has become the newest non-regional member of the Asian Development Bank, the Philippines-based lender announced on Friday, with an analyst cautioning that the move might cause “polarisation” in the institution.

The bank’s board of governors had approved Israel’s entry in April 2022 pending its completion of the membership requirements, the ADB said in a statement.

Israeli Finance Minister Bezalel Smotrich will be the country’s representative, a source from ADB told AFP.

The bank now has 69 members, with Japan and the United States the major contributors to its capital, at more than $22.23 billion apiece.

“They (Israel) are allied with US, and basically Europe right, but they would want to also… have more friends across the globe, not only those that have been traditionally allied with them,” said economist Victor Abola of the Manila-based University of Asia and the Pacific.

“The greater involvement here means closer strategic ties and trade,” he said.

Published in Dawn, September 28th, 2024