president of asian development bank president of asian development bank

President of Asian Development Bank [ edit] On 2 December 2019, it was announced that Asakawa had been unanimously elected by Board of Governors of Asian Development Bank (ADB) as the 10th president of the Bank. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. In the same year, the ADB committed a $20 million loan to Electric Networks of Armenia, that will ensure electricity for the citizens during the pandemic, as well as approved $500,000 in regional technical assistance to procure personal protective equipment and other medical supplies.[22]. (They are Afghanistan, Australia, Cambodia, Ceylon, Nationalist China, India, Iran, Japan, Korea, Laos, Malaysia, Nepal, New Zealand, Pakistan, The Philippines, Singapore, South Vietnam, Thailand and West Samoa. "Operating at a global and international level, these banks can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities. The early 2000s saw a dramatic expansion of private sector finance. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. There will be pressure on member governments to scrutinize more closely and rigorously their own development projects to qualify for assistance, and therefore to raise the level of their own planning and management competence. ADB joined with key partners in Indonesia to sign a memorandum of understanding to jointly explore the early retirement of the first coal-fired power plant owned by an independent power producer under ADBs Energy Transition Mechanism. [2], Last edited on 24 February 2023, at 14:18, Learn how and when to remove this template message, Woodrow Wilson School of Public and International Affairs, New ADB President Masatsugu Assumes Office', "Masatsugu Asakawa elected ADB president", Japans Asakawa: will look at how to respond to market', Japan eyes ex-top currency diplomat Masatsugu Asakawa as next head of ADB', Announcement of Intent of Resignation by ADB President Takehiko Nakao', Masatsugu Asakawa Reelected for Second Term as ADB President. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. Authorization Method & Scope He also noted that we are comprehensively reviewing options to further optimize ADBs balance sheet, and that we are engaging closely with the ADB Board on this matter. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. Before joining ADB, Mr. Nakao was the Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan. The President Dr. Akinwumi A. Adesina is the 8th elected President of the African Development Bank Group. [63] The year after a member's name indicates the year of membership. The battle against climate change will be won or lost in . Chen was World Bank's Executive Director for the PRC from 2013 to 2016 and a Board Director for the PRC in the New Development Bank and the Asian Infrastructure Investment Bank from 2016 to 2018. This is the foreign exchange gap involved in economic modernization and the raising of productivity. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. Managing Director General, Office of the President, Asian Development Bank . The Asian Development Bank was modelled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion to members capital subscriptions. COMMITMENT AGAINST POVERTY, IGNORANCE AND DISEASE. We know, however, the proximate causes of the success of this great idea of the ADB. ADBs highest policy-making body is the Board of Governors, which comprises one representative from each member nation 48 from the Asia-Pacific and 19 from outside the region. As I have told the Asian Labor Ministers Conference just ended in Manila, the Asian Nations today are in the position of being required to wage an industrial revolution without exploitation, no nation today is permitted to suspend human rights in deference to an urgent period of economic development. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. : The President, Asian Development Bank, Mr. Takehiko Nakao calls on the Prime Minister, Shri Narendra Modi, in New Delhi on February 05, 2015.jpg Licensing This file is a copyrighted work of the Government of India, licensed under the Government Open Data License - India (GODL). This page was last edited on 24 February 2023, at 14:18. The regional Asian Development Bank members are: Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, Cook Islands, Federated States of Micronesia, Fiji, Georgia, Hong Kong, China, India, Indonesia, Japan, Kazakhstan, Kiribati, Kyrgyz Republic, Lao Peoples Democratic Republic, Malaysia, Maldives, Marshall Islands, Mongolia, Myanmar, Nauru, Nepal, New Zealand, Niue, Pakistan, Palau, Papua New Guinea, Peoples Republic of China, Philippines, Republic of Korea, Samoa, Singapore, Solomon Islands, Sri Lanka, Taipei, China, Tajikistan, Thailand, Timor-Leste, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, and Viet Nam. ADB partners with other development organizations on some projects to increase the amount of funding available. It is headquartered in Manila, Philippines. But even with their prophetic insights none of the Asian visionaries could foretell that in a few decades this great regional projectthe Asian Development Bank could already materialize. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. The ADB was created to be a financial institution that would be "Asian in character" as it works to . The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. Asakawa has also worked in various positions in other international agencies. By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the special funds. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. Some of his outstanding achievements in Osaka include the endorsement by the G20 Leaders of the G20 Principles for Quality Infrastructure Investment and the G20 Shared Understanding on the Importance of UHC Financing in Developing Countries. The president has a term of office lasting five years, and may be reelected. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." The ADB only yesterday was but an inspired vision. ADB President Masatsugu Asakawa reiterated the banks commitment to strengthening its partnership with Armenia in a virtual meeting with Deputy Prime Minister of Armenia Mher Grigoryan. Allow me to congratulate the members of the board of directors. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB's participation is usually limited but it leverages a large amount of funds from commercial sources to finance these projects by holding no more than 25% of any given transaction.[38]. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. For the Philippines, the creation of the Asian Development Bank is specially significant. [6][7] In the first instance, Asakawa was expected to serve out the remainder of the five-term presidential term which Nakao began in November 2016. He served for seven years until January 2020, overseeing an . The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. The Asian Development Bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. Two of the USState Departments 2021 Anticorruption Champions ProTenge.KZ Founder Jamilya Maricheva and Anti-Corruption Organization of Thailand Executive Committee Member Torplus Yomnak and former Undersecretary General for UN Internal Oversight Services Heidi Mendoza shared their experiences and insights at a session onBuilding Trust, Igniting Integrity: Sustaining relationships in rebuilding Asia and the Pacific. Speech It would help you to prepare for the upcoming UPSC exam. He was elected President by the Asian Development Bank's Board of Governors. : The President, Asian Development Bank, Mr. Takehiko Nakao calls on the Prime Minister, Shri Narendra Modi, in New Delhi on February 05, 2015.jpg Licensing[edit] This file is a copyrighted work of the Government of India, licensed under the Government Open Data License - India (GODL). The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. But it is also a tribute to the perfectibility of human cooperation in general, in spite of the vast differences that separate us culturally and politically. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. Asian Development Bank is a financial institution. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. The Japanese and the. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. What will make the burden of Mr. Watanabe lighter is the fact that he has a board composed of knowledgeable men and experts in their own fields. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968. List of Presidents of Asian Development Bank: (1966-2022) Name: Tenure period: Country: Takeshi Watanabe: 1966-1972 : Japan: Shiro Inoue: 1972-1976: Japan: Taroichi Yoshida: 1976-1981: Japan: Masao Fujioka: 1981-1989: Japan: [18], Asia moved beyond the economic crisis and by 2010 had emerged as a new engine of global economic growth though it remained home to two-thirds of the world's poor. The Board (i) takes decisions concerning policies of the bank, and loans, guarantees, investments and technical assistance by the bank, (ii) approves borrowings by the bank, (iii) clears the financial accounts of the bank for approval by the Board of Governors, and (iv) approve the budgets of the bank. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. Asian Development Bank UPSC White Revolution: Meaning, Short Note | Operation Flood, IUCN Red List: Categories, Critically Endangered Species in India, Representation of Peoples Act: Salient Features, RPA 1951 UPSC, Roles and Functions of Asian Development Bank, Biosphere Reserves in India Notes for UPSC Exam, BYJU'S Exam Prep: The Exam The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. She also appreciated the ADB's support to India's G20 Presidency priorities. (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). ADB responded to this with loans and grants that encouraged economic growth. Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. Watanabe, Takeshi. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. The current president is Masatsugu Asakawa. Home About ADB Organization Transparency Operational Priorities Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. He was elected President by the Asian Development Bank's Board of Governors. The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. Read thenews release. It is my fond hope that other ECAFE countries such as the Soviet Union will now come into the bank, or at least participate in the development of Asia through the special fund of the bank. Despite an initial mixed reaction, support for the establishment of a new bank soon grew. On the Inauguration of Asian Development Bank, [Delivered in Makati, Rizal, December 19, 1966], THE ADB: CORNERSTONE OF A NEW LIFE ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. [23], The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and "soft" loans with lower interest rates to poorer countries in the region. India is one of the founding members of the Asian Development Bank (ADB). An expert group was convened to study the idea, with Japan invited to contribute to the group. ADB has adopted a comprehensive reform road map, featuring a new operating model, to accelerate its transformation and more effectively serve the rapidly changing needs of its developing member countries in Asia and the Pacific. Board of Directors | Asian Development Bank Who We Are ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. We Asians are, therefore, particularly happy about the keen interest shown by the countries outside the ECAFE region to help foster economic growth and cooperation in the region, of Asia and the Far East and contribute to the acceleration of the process of economic development of the developing countries in the region.. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. ADB also responded to a multitude of natural disasters in the region, committing more than $850 million for recovery in areas of India, Indonesia, Maldives, and Sri Lanka which were impacted by the 2004 Indian Ocean earthquake and tsunami. [18], Early loans went largely to Indonesia, Thailand, Malaysia, South Korea and the Philippines; these nations accounted for 78.48% of the total ADB loans between 1967 and 1972. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. 20112016: Chair for Committee on Fiscal Affairs. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. The idea came up again late in 1962 when Kaoru Ohashi, an economist from a research institute in Tokyo, visited Takeshi Watanabe, then a private financial consultant in Tokyo, and proposed a study group to form a development bank for the Asian region. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. Real progress can only result from actions within the boundaries of Asia herself, and it is for us Asians to work together for our common good. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). India is one of the founding members of the ADB. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. Prior to joining ADB, he served as Special Advisor to Japans Prime Minister and Minister of Finance, and has a close-to-four decades career at the Ministry of Finance with diverse professional experience that cuts across both domestic and international fronts. The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty in the region. Japanese Prime Minister Eisaku Sat asked Watanabe to be a candidate. Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. The ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Speaking at the International Anticorruption Day celebration on 9 December 2022 President Masatsugu Asakawa reminded ADB personnel that in upholding the highest ethical standards, we are trustworthy, transformational, and client-centric. But the US did not warm to the plan and the concept was shelved. And I am glad that the non-regional members of the ADB, representing the developed West, are also taking part in this undertaking, ready to share with Asia the experience and the capacities that are the sources of their own development. Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement, while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by United States President Lyndon B. Johnson in the wake of the escalating U.S. military support for the government of South Vietnam. The economic development of the Western Nations of Japan took place under different historical conditions when capitalism was in its primitive and notorious stage and completely indifferent to the human wreckage that it left in its wake. In the early 1990s, ADB moved its offices to Ortigas Center in Pasig City, with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises. Be updated with the ADB President's activities on Takehiko Nakao's Flickr page. Asian Development Bank maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through co-financing operations that tap official, commercial, and export credit sources. In this regard, we are obliged to cite Mr. U Nyun, secretary general of the ECAFE, who has probably done as much as any other man to bring forth the Asian Development Bank. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. This is carried out through investments in the form of loans, grants and information sharing in infrastructure, health care services, financial and public administration systems, helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas. Asian Development Bank (ADB) has listed its 10-year masala bonds worth 850 crores on the global debt listing platform of India INX (BSE-owned exchange). Asian Development Bank is a regional development bank, established in December 1966. According to the latest data, the top five shareholders of the Asian Development Bank are Japan and the United States (each with 15.6% of total shares), followed by the Peoples Republic of China (6.4%), India (6.3%), and Australia (5.8%). An absolute delight to interact with young minds; eager, enthusiastic & bright. Authorization Method & Scope ADB announced plans to provide at least $14 billion over 20222025 in a comprehensive program of support to ease a worsening food crisis in Asia and the Pacific, and improve long-term food security. ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. In conclusion, may I say to the men behind this bank; congratulations and best wishes as you go forth on your historic mission of building a better life for the peoples of Asia. In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a young Thai economist, Paul Sithi-Amnuai. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. United Nations Environment Programme Finance Initiative. Established in 1966, it is owned by 68 members49 from the region. As early as 1956, Japan Finance Minister Hisato Ichimada had suggested to United States Secretary of State John Foster Dulles that development projects in Southeast Asia could be supported by a new financial institution for the region. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. The Asian Development Bank supports the projects in developing member countries that create development, and economic impact, which is delivered through both public and private sector operations, knowledge support, and advisory services. The UPSC Syllabus explicitly covers all the major financial institutions. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. The Asian Development Bank has 68 members. Our pride must be tempered, however, with the awareness that our participation, and the honor and recognition accorded our country carries with it certain responsibilities. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. I can see a salutary effect arising from this. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. At the G20 Finance Ministers and a Central Bank Governors (FMCBG) meeting on February 24-25 2923, President Masatsugu Asakawa made one of the lead interventions in the session focusing on international financial architecture, sustainable finance and infrastructure.