What were the basic reasons behind establishment of the Regional Developments Banks? Discuss their role and contribution they have made in promoting development in their respective regions.

Reasons behind the Establishment of Regional Development Banks:

Regional Development Banks (RDBs) were established with the primary aim of accelerating economic growth and promoting development in their respective regions. They emerged as a response to the recognition that global institutions might not sufficiently address the unique needs and challenges of specific regions. Here are the basic reasons for their establishment:

1. Addressing Regional Needs: Each region has specific developmental needs, which may not always be catered to by global financial institutions. RDBs, being closer to the ground, are better positioned to understand and address these needs.

2. Filling Investment Gaps: Many developing countries face a huge gap between the available domestic resources and the required investment for infrastructure and development. RDBs provide the necessary financial assistance to bridge this gap.

3. Promoting Regional Integration: RDBs play a significant role in integrating the economies of _______ ___ ________ _______ _____ ______ __________.
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