president of asian development bank

Managing Director General Woochong Um, Private Sector Operations Department Director General Suzanne Gaboury, Sustainable Development and Climate Change Department Director General Bruno Carrasco, Strategy, Policy, and Partnerships Department Deputy Director General Vijay Padmanabhan, Department of Communications Principal Director Bernard Woods, and Assistant Secretary Harumi Kodama also joined the meeting. 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. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. President of the Philippines 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. 5 March, 2023. 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. Takehiko Nakao | World Bank Live Asian Development Bank UPSC As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. 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). The president has a term of office lasting five years, and may be reelected. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. The 200% increase is the largest in ADB's history, and was the first since 1994. Masatsugu Asakawa - Wikipedia 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. The Asian Development Bank has 68 members. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). ASIAN DEVELOPMENT BANK (ADB) President Masatsugu Asakawa has been reelected to head the multilateral bank for the next five years and vowed to help the Asia and the Paci fi c region bounce back from the pandemic.. Mr. Asakawa will start his second term on Nov. 24 after a unanimous vote from the ADB Board of Governors. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. 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. 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. World leaders backed the establishment of the first-ever innovative guarantee fund specifically designed to invest in the education of the worlds poorest children and youththe IFFEd. CNBC Transcript: Takehiko Nakao, President, Asian Development Bank 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. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. 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. United Nations Environment Programme Finance Initiative. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. 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. Asian Development Bank is an official United Nations Observer. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. 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. Under Mr. Asakawas leadership, ADB made significant contributions to the regions COVID-19 pandemic response and recovery planning with a $20 billion comprehensive response package and $9 billion Asia Pacific Vaccine Access Facility. 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. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. 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. [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. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. 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 Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. He was elected President by the Asian Development Bank's Board of Governors. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. The ADB only yesterday was but an inspired vision. 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. 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. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. Skills Development Project | Asian Development Bank [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. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. It would help you to prepare for the upcoming UPSC exam. Masahiro Kawai, dean of the Asian Development Bank Institute, a Tokyo-based think tank founded by the ADB, said . 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. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. Along with this, one needs to practice the UPSC Previous Year Questions. 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 congratulated PM Modi for his leadership in handling the COVID-19 pandemic and on India's assumption of the G20 Presidency for 2023. 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. He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. 1977 (reprinted 2010). In 1999, ADB adopted poverty reduction as its overarching goal.[18]. The battle against climate change will be won or lost in . For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. 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. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. 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. [18], In mid-1997, ADB responded to the financial crisis that hit the region with projects designed to strengthen financial sectors and create social safety nets for the poor. This is the foreign exchange gap involved in economic modernization and the raising of productivity. Statement delivered by Mr. Woochong Um, Managing Director General The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. Why Japan Dominates Leadership of Asian Development Bank - CNBC They discussed a range of issues,including ADB support to Indias infrastructure and social development and climate actions, scaling up ADB assistance to meet the countrys priority development needs, and ADBs country partnership strategy for India, 20232027. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. [13] 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. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. The group met regularly in 1963, examining various scenarios for setting up a new institution and drew on Watanabe's experiences with the World Bank. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. To download the Asian Development Bank UPSC Notes PDF, click here. I can see a salutary effect arising from this. He was elected as ADB's 10 th president on November 2019 and assumed the . But the most important efforts in this direction must come, not from outside the region but from within. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. Finance Sector Development The financial system is the lifeline of a country's economy. Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). 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. I am aware that the Bank will, at this initial stage of its existence, have to face and solve some difficult problems, such as the formulation of policies concerning loans, investment, guarantees and other related problems, not to mention the problems of administration and appointing the right people to the right positions and getting them from as many member countries as possible. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. It is headquartered in Manila, Philippines. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. [55], Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. Based on a new policy, both types of loans will be sourced starting January 2017 from the bank's ordinary capital resources (OCR), which functions as its general operational fund.[33]. Authorization Method & Scope 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. He was elected President by the Asian Development Banks Board of Governors. For the Philippines, the creation of the Asian Development Bank is specially significant. Development finance in Asia: a memoir | Lowy Institute ADB and its role in the world economy; More details on ADB for UPSC IAS exam. 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. The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. 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. Memoir of the President of the Asian Development Bank 2013-2020 (Asian Development Bank, 2022) In April 2013, just five months after Xi Jinping took office as general secretary of the Chinese Communist Party, Takehiko Nakao was appointed president of the Asian Development Bank (ADB). About Asian Development Bank | Flickr We also recognize the potential complementarities in our different development programs which can be approached so as to lessen costs and increase the benefits available to the nations concerned. ADB is a multilateral development bank with headquarters in Manila, resident missions across the Asia and Pacific region, and representative offices in Tokyo, Frankfurt, and Washington, DC. 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. 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]. He was elected President by the Asian Development Bank's Board of Governors. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. 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. Although he initially declined, pressure came from other countries and Watanabe agreed. Jin Liqun Reelected President of AIIB - News - AIIB The President of ADB chairs the Board of Directors. In contrast, the United States contributed only $1.25 million to the special fund. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. This event is a hopeful sign that once the energies of nations are directed towards peace and progress, the old narrow limits of possible attainment are soon surpassed. Most recently, he served as Finance Deputy for the G20 meetings under the Japanese presidency, playing a pivotal role for the success of the G20 Osaka Summit as well as the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka. None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. She also appreciated the ADB's support to India's G20 Presidency priorities. The headquarter of the Asian Development Bank is in Manila, Philippines.