A brief summary of Masatsugu Asakawa's career in the Ministry of Finance in Japan is as follows: 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. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. About Asian Development Bank | Flickr 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. 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. President Asakawa also expressed his strong support for the India's G20 presidencys focus on financing for sustainable cities, noting that the Asia and Pacific region will be home to 1 billion additional urban residents by 2050. [6] From 31 members at its establishment, ADB now has 68 members. Statement delivered by Mr. Woochong Um, Managing Director General The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. This is the foreign exchange gap involved in economic modernization and the raising of productivity. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. 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. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. 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. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. To pool together our resources for development is undoubtedly a great act of maturity and wisdom. 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. But all of them are committed," Asian Infrastructure Investment Bank (AIIB) President Jin Liqun told CNN's Becky Anderson in an interview Tuesday at UN climate summit COP27. [18], Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and the Pacific. President of the Philippines On the Inauguration of Asian Development Bank [Delivered in Makati, Rizal, December 19, 1966] THE ADB: CORNERSTONE OF A NEW LIFE IN ASIA The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. China is 'committed to net zero,' head of top Asian development bank He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. Speech of President Marcos on the Inauguration of Asian Development Bank "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. Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. 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. Regional Cooperation and Integration Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. India is one of the founding members of the Asian Development Bank (ADB). Mr. Asakawas professional experience extends beyond the realms of the Japanese government. Before joining ADB, Mr. Nakao was the Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan. CNBC Transcript: Takehiko Nakao, President, Asian Development Bank March 26, 2018, 8:48 PM Following is the transcript of a CNBC interview with Takehiko Nakao, President of the Asian. His qualifications, background and experience eminently fit him for his new position. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. ADB responded to this with loans and grants that encouraged economic growth. Managing Director General, Office of the President, Asian Development Bank . That document formally stated that assistance to private sector development was the lead priority of the ADB and that it should constitute 50% of the bank's lending by 2020. The bank employs about 3,000 people, representing 60 of its 68 members. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia . The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. In this conversation with international broadcaster Zeinab Badawi, ADB President Masatsugu Asakawa shares his thoughts on the pandemic situation, including how he envisages the recovery of the Asia and the Pacific region. The battle against climate change will be won or lost in . 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]. Official Gazette of the Republic of the Philippines, 63(4), 791-795. 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. This culminated with the Board's formal recognition if these achievements in March 2008, when the Board of Directors formally adopted the Long Term Strategic Framework (LTSF). He was first elected to the position on May 28, 2015 by the Bank's Board of Governors at its Annual Meetings held in Abidjan, Cte d'Ivoire. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. Asian Development Bank is a financial institution. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. In August 2021, he was reelected for a 5-year term starting on 24 November 2021. 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. 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. The headquarter of the Asian Development Bank is in Manila, Philippines. But the most important efforts in this direction must come, not from outside the region but from within. She also appreciated the ADB's support to India's G20 Presidency priorities. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. [18], In December 2005, China donated $20 million to the ADB for a regional poverty alleviation fund; China's first such fund set up at an international institution. [8] ADB is an official United Nations Observer. He was elected President by the Asian Development Bank's Board of Governors. The result was to expand the OCR balance sheet to permit increasing annual lending and grants to $20 billion by 2020 50% more than the previous level. Watanabe, Takeshi. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. [35], ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. I have no doubt in my mind that these problems will be solved in no time. 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. 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. Asian Development Bank President (1966 to 2022) Masahiro Kawai, dean of the Asian Development Bank Institute, a Tokyo-based think tank founded by the ADB, said . 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. "[56] The bank also received criticism from the United Nations Environmental Program, stating in a report that "much of the growth has bypassed more than 70 percent of its rural population, many of whom are directly dependent on natural resources for livelihoods and incomes. Home About ADB Organization Transparency Operational Priorities Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. 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 This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. 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. Preparation App. [2] He joined the Ministry of Finance in Japan the same year. Why Japan Dominates Leadership of Asian Development Bank - CNBC At the time, Asia was one of the poorest regions in the world. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. He joined ADB on 12 December 2018. . Notable projects and technical assistance, Largest countries and regions by subscribed capital and voting power, Joined as "British Hong Kong", not "Hong Kong SAR", United Nations Economic and Social Commission for Asia and the Pacific, Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, Department of Foreign Affairs (Philippines), South Asia Subregional Economic Cooperation, "Masatsugu Asakawa Elected ADB President", "Scholarship Program: List of Academic Institutions", "New ADB President Masatsugu Asakawa Assumes Office", "New ADB President Takehiko Nakao Assumes Office", New ADB President Masatsugu Asakawa Assumes Office', "Environment, Climate Change, and Disaster Risk Management", "Information and Communications Technology", "ADF-OCR Merger to Boost Support for Region's Poor", "Management's Discussion and Analysis and Annual Financial Statements", "Private Sector (Nonsovereign) Financing", "ADB raises $118 million from rupee-linked bonds", "Hairatan to Mazar-i-Sharif railway | Railways of Afghanistan", "Water Supply and Sanitation Sector Project Additional Financing in Armenia: General Procurement Notice | Devex", "Proposed Green Power Development Project in Bhutan | Devex", "Government signs loan agreement with ADB for Rural Roads Sector II Investment ProgramProject 4, Special Content Association Releases ConstructionBiz360", "ADB supports vocational education in Indonesia", "Oudomxay hosts belated opening ceremony for water treatment plant", "Food and Nutrition Social Welfare Programme and Project (Capacity Development Project M&E)", "MalolosClark Railway Project: North-South Commuter Railway, PNR Clark - Phase 2", "Philippines: South Commuter Railway Project", "Pacific banks go branchless to reach the unbanked | Scoop News", "Donor Influence in MDBs: The Case of the Asian Development Bank", "The Asian Development Bank and Food Security", "Inter Press Service News and Views from the Global South", "Large-scale ADB projects draw criticism", "RFI NGO criticises ADB and questions its ability to reduce poverty", (space deliberately omitted after the comma). 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. The Asian Development Bank is an important topic for both the Prelims and Mains. [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. 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. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981.