president of asian development bank

Between 1989 and 1992 Asakawa was seconded by the Japanese Ministry of Finance to serve as an Executive Assistance to the fifth president of the Asian Development Bank, Kimimasa Tarumizu, in Manila. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. [43], Since the ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy and staffing decisions. 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. Speech Recently, it has been in news due to the loans and financing it provided to India post-Covid. 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. In the immediate aftermath of the Global Financial Crisis, Mr. Asakawa, in his capacity as Executive Assistant to Prime Minister Taro Aso, took part in the first G20 Leaders Summit Meeting in November 2008. [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. 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. ADB responded to this with loans and grants that encouraged economic growth. See: Rules of Procedure of the Board of Directors of ADB. Along with this, one needs to practice the UPSC Previous Year Questions. Sitharaman meets Asian Development Bank President, lauds support to At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). 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. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. "[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. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. Then in 2016, in his capacity as Vice Minister of Finance for International Affairs, he took on a leading role for the G7 Finance Ministers and Central Bank Governors meeting in Sendai under the Japanese presidency, where a sustainable and inclusive development agenda was extensively discussed. This assurance has been given by the Vice President of the South Asian Region . 5 March, 2023. 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. Asian Development Bank (ADB) - ClearIAS He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. [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. Since assuming office on 17 January 2020, President Masatsugu Asakawa has been leading theAsian Development Bankthrough global influence and strong country presence across Asia and the Pacific. His qualifications, background and experience eminently fit him for his new position. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. 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. : 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). Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. 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, President Asakawa, Canadian delegates discuss joint action on shared goals, President Asakawa, ADB Governor for Mongolia discuss development agenda and country partnership strategy priority areas, President Asakawa highlights ADBs ongoing evolution to address shared global challenges at G20 meeting, President Asakawa proposes up to $25 billion support to India's development priorities, President Asakawa calls for upholding integrity to embody ADB values at the International Anticorruption Day, 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, $20 billion comprehensive response package, $9 billion Asia Pacific Vaccine Access Facility, ADBs 2030 cumulative climate financing ambition to $100 billion. Asakawa reelected as president of the Asian Development Bank The 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. The per capital foreign aid to Southeast Asia is only $2.50 while it is $5.90 to Africa and $5 to Latin America. Asia with more than half the world population and a steady trend of population growth is at the very center of the world crisis. An expert group was convened to study the idea, with Japan invited to contribute to the group. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. 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). [2] He joined the Ministry of Finance in Japan the same year. It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. Authorization Method & Scope He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. Before these, he had occupied various prominent positions within the Finance Ministry, including director positions in charge of development policy issues, foreign exchange markets, and international tax policy. 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. [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. 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. This is not only because most Asian countries lack the capital and the means of development. File:The President, Asian Development Bank, Mr. Takehiko Nakao.jpg [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. Masatsugu Asakawa - Wikipedia The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. In 1999, ADB adopted poverty reduction as its overarching goal.[18]. Fujioka Masao, the fourth president (198190), adopted an assertive leadership style, launching an ambitious plan to expand the ADB into a high-impact development agency. 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). [39] According to Jason Rush, Principal Communication Specialist, the Bank communicates with many other multilateral organizations. [5] Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. Cooperation, therefore, is no longer optional, when one thinks in broad terms, but a necessity imposed upon our countries by the common objective of development. 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. 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. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. Development finance in Asia: a memoir | Lowy Institute United Nations Environment Programme Finance Initiative. ADB President Masatsugu Asakawa on 18 February delivered akeynote messageduring ESCAP's High-Level Dialogue themed, Shaping the Future of Regional Cooperation in Asia and the Pacific.. 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. One of the most active sub-sectors of finance is the PSOD's support for trade finance. I am delighted to share on ADB support to V20 Initiatives and Partnerships. File : The President, Asian Development Bank, Mr. Takehiko Nakao.jpg 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. . The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. [21], In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the global economic crisis. 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). Asian Development Bank is a financial institution. 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). Finance Sector Development The financial system is the lifeline of a country's economy. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. Skills Development Project | Asian Development Bank (UPSC 2022). The recognition of this necessity is an act of maturity and wisdom. In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. 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. Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. Asian Development Bank | Familypedia | Fandom [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 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. 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. Masahiro Kawai, dean of the Asian Development Bank Institute, a Tokyo-based think tank founded by the ADB, said . At this juncture, I should like to congratulate the Board of Governors of the Asian Development Bank for taking a very wise, healthy and practical step in inviting other members and associate members of ECAFE and other non-regional developed countries which are members of the United Nations or any of its specialized agencies, that have not yet joined the bank, to join it. 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. It will help prepare technical studies and proposals for loans among the member countries or governments. The ADB only yesterday was but an inspired vision. 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. 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 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. The President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. 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. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. He also played a key role in rolling out a series of new and innovative financing initiativesincluding an Energy Transition Mechanism to spur the regions low-carbon development and elevated ADBs 2030 cumulative climate financing ambition to $100 billion as ADB continues to focus on the battle against climate change. Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). The Board of Directors is responsible for the direction of the general operations of the bank. It would help you to prepare for the upcoming UPSC exam. 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. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. 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. [58][59], The bank has been criticized over its role and relevance in the food crisis. 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. 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. 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]. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. 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. From 31 . 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: In a frank and engaging conversation with international broadcast journalist Zeinab Badawi, ADB President Masatsugu Asakawa offered his vision and ideas for change towards a better, greener, more sustainable, and resilient Asia and the Pacific. 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.. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. 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 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. 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. He was elected President by the Asian Development Bank's Board of Governors. [8] ADB is an official United Nations Observer. President Masatsugu Asakawa met with India Prime Minister Narendra Modi and Finance Minister and ADB Governor Nirmala Sitharaman during his visit to New Delhi on 20-22February 201. 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. 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. 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. A brief history of the Asian Development Bank DevelopmentAid The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. Carry out investments in the form of loans, grants, and information sharing in infrastructure, health care services, and 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. 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. : 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). That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. 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. 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. Despite an initial mixed reaction, support for the establishment of a new bank soon grew. Asian Development Bank (ADB) - Key Facts for UPSC - BYJUS More than 50 financing partnership facilities, trust funds, and other funds totalling several billion each year are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. To download the Asian Development Bank UPSC Notes PDF, click here. India is one of the founding members of the Asian Development Bank (ADB). We must at last face the truth that there is no choice for our countries except to cooperate. Japanese presidents Inoue Shiro (197276) and Yoshida Taroichi (197681) took the spotlight in the 1970s. [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. ADB encourages websites and blogs to link to its web pages. In 1982, ADB opened its first field office, in Bangladesh, and later in the decade, it expanded its work with non-government organizations (NGOs).[18]. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program.