president of asian development bank

In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. Home About ADB Organization Transparency Operational Priorities 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. Established in 1966, it is owned by 68 members49 from the region. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. Masahiro Kawai, dean of the Asian Development Bank Institute, a Tokyo-based think tank founded by the ADB, said . See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. Finance Sector Development The financial system is the lifeline of a country's economy. The Japanese and the. He has also held several positions at the Committee on Fiscal Affairs, OECD while concurrently serving in his duties at the Ministry of Finance including: Asakawa also served as executive assistant to the prime minister during the period of the Aso Cabinet (20082009). In the wake of the second oil crisis, ADB expanded its assistance to energy projects. "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. 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. 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: The president has a term of office lasting five years, and may be reelected. [1] He was formerly special adviser to Shinzo Abe, prime minister of Japan, and to Taro Aso, the deputy prime minister of Japan and minister of finance. The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966,[4] which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. 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. ADB and its role in the world economy; More details on ADB for UPSC IAS exam. On 26 Feb 2020, ADB raises $118 million from rupee-linked bonds and supporting the development of India International Exchange in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $1 billion of outstanding bonds. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). The per capital foreign aid to Southeast Asia is only $2.50 while it is $5.90 to Africa and $5 to Latin America. The Board of Directors is responsible for the direction of the general operations of the bank. Managing Director General, Office of the President, Asian Development Bank . Keynote speech by ADB President Masatsugu Asakawa at the 2020 ADBI Annual Conference on The Impacts of the COVID-19 Pandemic and its Policy Implications. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. Keynote address by Masatsugu Asakawa,President, Asian Development Bank, at the 21st Ministerial Conference of Central Asia Regional Economic Cooperation (CAREC) Program, 24 November 2022, SpeechbyMasatsugu Asakawa,President,ADB, at the Indonesia Energy Transition Mechanism (ETM) Country Platform launch, 14November 2022 inBali, Indonesia, Keynote address byMasatsugu Asakawa,President,Asian Development Bank, at the Business 20 (B20) Summit dialogue forum of the G20, 13 November 2022 inBali, Indonesia, Speech byMasatsugu Asakawa, President, Asian Development Bank,at the 14th IMT-GT Summit, Phnom Penh, Cambodia, 10 November 2022, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session (Part II), at the 55th Annual Meeting, 27 September2022, Opening statement byMasatsugu Asakawa, President, Asian Development Bank, to press conferenceat the 55th Annual Meeting, 27 September2022, Speech by Masatsugu Asakawa, President, Asian Development Bank, at the G20 2022 Ministerial Symposium on Tax and Development, 14 July 2022, Bali, Indonesia, Keynote address by Masatsugu Asakawa, President, Asian Development Bank, at the Sydney Energy Forum, 12 July 2022, Sydney, Australia, Keynote speech byMasatsugu Asakawa, President, Asian Development Bank, at the 2022 Global Meeting of the Emerging Markets Forum, 18 May 2022, Paris, France, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session, at the 55th Annual Meeting, 5 May 2022. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn The per capita loans from the World Bank on a regional basis are $2.80 to Asia, $3.04 to Africa and $4.20 to Europe. The Governor thanked the President for ADBs continued strong partnership with Mongolia, recognizing ADB as the leading development financier, including ADBs critical support during the COVID-19 pandemic. An expert group was convened to study the idea, with Japan invited to contribute to the group. For UPSC 2023 preparation, follow BYJU'S. ADB and and other international financial institutions are for the first time launching a joint video campaign, Investing for a greener world, to showcase their role in facilitating climate change solutions, ahead of COP27. The election result was announced by the Chair of AIIB's Board of Governors during the Bank's fifth Annual Meeting on Tuesday, July 28. 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]. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. He was elected President by the Asian Development Banks Board of Governors. 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. President Jin's second five-year term will begin Jan. 16, 2021. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. Established in 1966, it is owned by 68 members49 from the region. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia . To pool together our resources for development is undoubtedly a great act of maturity and wisdom. Private Sector Lending This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. Financial sector and capital market development, including microfinance, small and medium-sized enterprises, and regulatory reforms, is vital to decreasing poverty in Asia and the Pacific.This has been a key priority of the Private Sector Operations Department (PSOD) since 2002. We also know that the obligation of developed nations to help the less developed nations in their own development is a relatively new and revolutionary idea in history. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. 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. [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. As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. One of the major functions of the Asian Development Bank is to serve as a medium for bringing over investments from the highly developed countries to the developing countries of the region. This day marks the beginning of a new era in the solidarity of the region. Today, we are inaugurating the bank. ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. The current president is Masatsugu Asakawa. We take pride in having played an important role in the organization of the bank, and in having been chosen as the host country for its offices. A nominee needs to gain at least half of all votes to become the ADB president. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. History of ADB. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. 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. The main role of the Asian Development Bank is to support the projects of its member countries to make an economic impact, processed through public and private sector operations, and advisory services. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. 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. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. [13], The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines,[14][15] and it has 42 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo and Sydney. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. I have no doubt in my mind that these problems will be solved in no time. 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. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. 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." ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. ADB encourages websites and blogs to link to its web pages. This Commission of the United Nations brought together Asian governments closer to each other than anything had done before. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). Indeed, whereas the Private Sector Operations Department (PSOD) closed out that year with financings of $2.4 billion, the ADB has significantly dropped below that level in the years since and is clearly not on the path to achieving its stated goal of 50% of financings to the private sector by 2020. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. [6], Watanabe served as the first ADB president to 1972. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. [8] ADB is an official United Nations Observer. To cover the topic in detail, one needs to know each of the following details mentioned in the article. The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. 1977 (reprinted 2010). The Government of India and the Asian Development Bank (ADB) signed a $112 million loan to develop water supply infrastructure and strengthen the capacities of urban local bodies (ULBs) for improved service delivery in four towns in the state of Jharkhand. 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%). In contrast, the United States contributed only $1.25 million to the special fund. 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 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. About ADB, how were organized, transparency, Projects, publications, products and services, operational priorities, and development knowledge, Countries with operations and subregional programs, country planning documents, Careers, business opportunities, and investor relations, Brunei, Indonesia, Malaysia, Philippines East ASEAN Growth Area (BIMP-EAGA), Central Asia Regional Economic Cooperation (CAREC) Program, Indonesia, Malaysia, Thailand Growth Triangle (IMT-GT), South Asia Subregional Economic Cooperation (SASEC), Civil Society/Non-government Organizations, Rules of Procedure of the Board of Directors of ADB, Republic of Korea / Papua New Guinea / Sri Lanka / Taipei,China / Uzbekistan / Vanuatu / Viet Nam, Kazakhstan / Maldives / Marshall Islands / Mongolia / Pakistan / Philippines / Timor-Leste, Canada / Denmark / Finland / Ireland / The Netherlands / Norway / Sweden, Australia / Azerbaijan / Cambodia / Georgia / Hong Kong, China / Kiribati / Federated States of Micronesia / Nauru / Palau / Solomon Islands / Tuvalu, Armenia / Cook Islands / Fiji / Indonesia / Kyrgyz Republic / New Zealand / Niue / Samoa / Tonga, Brunei Darussalam / Malaysia / Nepal / Singapore / Thailand, Belgium / France / Italy / Portugal / Spain / Switzerland, Afghanistan / Bangladesh / Bhutan / India / Lao Peoples Democratic Republic / Tajikistan / Turkmenistan, Austria / Germany / Luxembourg / Trkiye / United Kingdom. The interest and participation in this new institution of countries outside the ECAFE region is an indubitable proof of the vision and statemanship of leading countries outside this continent. [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). Ahigh-level panel of experts exchanged views on what it will take to ensure that developing Asias Great Reset points the regiontoward a green, resilient,andinclusivefuture. 65). For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. And it is in this sense that the Asian Development Bank in the end enters the confluence of patriotic ideas associated with the great humanitarian heroes of Asia. 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. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. 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. This assurance has been given by the Vice President of the South Asian Region . At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. [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. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. Finance Minister Nirmala Sitharaman on Tuesday met Asian Development Bank (ADB) President Masatsugu Asakawa, and acknowledged the swift response and support provided by the institution to all its developing member countries, including India during the Covid-19 pandemic. Progress is not merely a matter of advice and encouragement or external aid. It is a recognition of the stability of our political structure, the soundness of our social and economic institutions and the ability of our people. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. In the case of the Philippines, alone, we have projected our need for foreign investments at more than P3.5 billion over the next three years of a four-year program period. Stefania Palma, Asia editor of The Banker, speaks with Takehiko Nakao, president of Asian Development Bank, during the 2016 ADB meeting held in Frankfurt, Ge. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. 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. [6] From 31 members at its establishment, ADB now has 68 members.