© 2012 Asian Development Bank All rights reserved. Published in 2012.Printed in the Philippines.ISSN 306-8370ISBN 978-92-9092-628-3 (Print), 978-92-9092-629-0 (PDF)Publication Stock No. FLS124311Cataloging-In-Publication DataAsian Development Bank.Annual report 2011.Mandaluyong City, Philippines: Asian Development Bank, 2012.1. Inclusive growth. 2. Asia and the Pacific. 3. Asian Development Bank. 4. Annual report.I. Asian Development Bank.Every effort has been made to ensure the accuracy of the data used in this publication. Variations in data in ADBpublications often result from different publication dates, although differences may also come from source andinterpretation of data. ADB accepts no responsibility from any consequence of their use.By making any designation of or reference to a particular territory or geographic area, or by using the term “country”in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.ADB encourages printing or copying information exclusively for personal and noncommercial use with properacknowledgment of ADB. Users are restricted from reselling, redistributing, or creating derivative works forcommercial purposes without the express, written consent of ADB.Note:In this report, “$” refers to US dollars.Asian Development Bank 6 ADB Avenue, Mandaluyong City1550 Metro Manila, PhilippinesTel +63 2 632 4444Fax +63 2 636 2444www.adb.orgFor orders, please contact:Department of External RelationsFax +63 2 636 email@example.com
Printed on recycled paperASIAN DEVELOPMENT BANK MANILA11 April 2012Chairman of the Board of GovernorsAsian Development Bank Dear Mr. Chairman,In accordance with Article 39 of the Articles of Agreement of theAsian Development Bank and Section 13 of its By-Laws, I herebysubmit to the Board of Governors, on behalf of the Board ofDirectors,
Annual Report 2011
, which includes the activities ofthe Special Funds.
Annual Report 2011
also includes the financialstatements prescribed in Section 15 of the By-Laws.Sincerely,Haruhiko KurodaPresident and ChairmanBoard of Directors