Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. Official Gazette of the Republic of the Philippines, 63(4), 791-795. The ADB only yesterday was but an inspired vision. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. 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. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. Home About ADB Organization Transparency Operational Priorities Speech In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. Asakawa later studied at the Woodrow Wilson School of Public and International Affairs at Princeton University in the United States, graduating with an MPA in 1985.[2]. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. [63] The year after a member's name indicates the year of membership. 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. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. 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. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. 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. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. India is one of the founding members of the Asian Development Bank. 5 March, 2023. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. 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. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. 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. 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: Japanese Prime Minister Eisaku Sat asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. He was elected President by the Asian Development Bank's Board of Governors. 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. The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. The 68 members of the Asian Development Bank comprise both, the regional members, as well as the non-regional members. 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. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. [58][59], The bank has been criticized over its role and relevance in the food crisis. He served as visiting professor at the Graduate School of Economic Science, Saitama University in Tokyo from 2006 to 2009,[2] and at the Graduate School of Arts and Sciences, University of Tokyo from 2012 to 2015. 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. At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). He was instrumental in orchestrating a globally coordinated financial package to abate the financial crisis, including a $100 billion loan from Japan to the International Monetary Fund (IMF). Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. The president has a term of office lasting five years, and may be reelected. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. IN 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 Japanese and the. But the most important efforts in this direction must come, not from outside the region but from within. He served for seven years until January 2020, overseeing an . Considering that the tensions in Asia remain the gravest menace to world peace, the opening of this great bank directed to the deepest causes of such tensionsmass poverty, ignorance and disease, becomes all the more encouraging and reassuring for mankind. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (20112016). 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. Allow me to congratulate the members of the board of directors. The ADB was created to be a financial institution that would be "Asian in character" as it works to . 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. 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. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. I am delighted to share on ADB support to V20 Initiatives and Partnerships. Hence, with the vast majority of loans going to concessionary (sub-market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses. ADB encourages websites and blogs to link to its web pages. Countries in central and west Asia have endorsed three new cross-border cooperation initiatives to help accelerate the regions recovery from the COVID-19 pandemic, improve food security, and boost the development of clean energy. [18], In 2020, ADB gave a $2 million grant from the Asia Pacific Disaster Response Fund, to support the Armenian government in the fight against the spread of COVID-19 pandemic. The roles and functions of the Asian Development Bank are: Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADBs Board of Directors. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. 65). As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. 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. Speech of President Marcos on the Inauguration of Asian Development Bank. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. Asian Development Bank is an official United Nations Observer. See: Rules of Procedure of the Board of Directors of ADB. Asian Development Bank and the Government of India signed a $300 million loan as additional financing to scale up the improvement of rural connectivity to help boost the rural economy in the state of Maharashtra. The Governor and the accompanying Mongolia delegation also met with VP Ahmed Saeed and managers of ADB's East Asia and private sector departments, and public-private partnership office, during their two-day visit on 28 February and 1 March. It is headquartered in Manila, Philippines. I have no doubt in my mind that these problems will be solved in no time. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? Indonesia and the Asian Development Bank: Fifty Years of Partnership, International development and investment banks, European Bank for Reconstruction and Development, International Bank for Reconstruction and Development, BrazilRussiaIndiaChinaSouth Africa (BRICS), IndiaBrazilSouth Africa Dialogue Forum (IBSA), New World Information and Communication Order, United Nations Conference on Trade and Development, United Nations Industrial Development Organization, Community of Latin American and Caribbean States, South Atlantic Peace and Cooperation Zone, South Asian Association for Regional Cooperation, African, Caribbean and Pacific Group of States, Western and Central Pacific Fisheries Commission (WCPFC), https://en.wikipedia.org/w/index.php?title=Asian_Development_Bank&oldid=1141643561, United Nations General Assembly observers, Intergovernmental organizations established by treaty, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, Environment, Climate Change, and Disaster Risk Management . (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. The Board of Directors performs its duties full time at the ADB headquarters in Manila, Philippines. [5] Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions. Preparation App. This is the foreign exchange gap involved in economic modernization and the raising of productivity. ADBPresident Masatsugu Asakawa and AFDChief Executive Remy Rioux today signed a new Partnership Framework Agreement (PFA) to guide development collaboration in Asia and the Pacific from 2022 to 2028. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. To cover the topic in detail, one needs to know each of the following details mentioned in the article. : 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). Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. One of the most active sub-sectors of finance is the PSOD's support for trade finance. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of Article 43.[64]. Executive Director Donald Bobiash and Canada's Ambassador to the Philippines David Hartman, along with other delegates from Canada,joined Governor Sajjan in the meeting. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. ADB responded to this with loans and grants that encouraged economic growth. The Asian Development Bank has 68 members. He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. An expert group was convened to study the idea, with Japan invited to contribute to the group. [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. Jin Liqun has been elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the Bank's Board of Governors. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. [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. 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. The decade also saw an expansion of ADB's membership with the addition of several Central Asian countries following the end of the Cold War. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. They discussed recently improved economic developments, coordination with international financial institutions, and country partnership strategy (2021-2024) priority areas, including climate change, renewable energy, food security and domestic resource mobilization. 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. 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. Because of this, the Asian countries must turn to each other and to the developed countries of the West for the additional capital they need for their development. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. William R. Thomson, the former Vice President at the Asian Development Bank (ADB), will join Global Bank as Senior Advisor to the President, Ron Nechemia, and as a member of the Global Bank. An absolute delight to interact with young minds; eager, enthusiastic & bright. 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. 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.