Sri Lanka, Nov. 17 -- The Asian Development Bank (ADB) on Monday said that its Board of Governors has approved a historic amendment to the ADB Charter, removing the previous lending cap and enabling a 50 percent increase in annual lending to over 36 billion U.S. dollars annually to support developing members' efforts to address critical development priorities in the region.

This change, which allows ADB to commit more resources without requiring a capital increase from its shareholders, is the first amendment to the ADB Charter since the institution was created in 1966 and will enter into force three months after the ADB officially notifies its members that the amendment has been adopted.

The ADB Charter may be amended only by a resolut...