The Asian Development Bank in Manila was founded by international agreement in 1965. At the beginning of 1978, it had approved 333 loans totaling $4.2 billion. The U.S. subscription is $771 million, entitling it to 8.77% of the voting power. The Foreign Assistance Act of 1973 proposed the establishment of an independent and continuous review and evaluation system for the Bank with reports being submitted directly to its governing body. In accordance with the law, GAO provided a statement of auditing and reporting standards for use by the U.S. Executive Director to the Bank in April 1975.
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