president of asian development bank

But the US did not warm to the plan and the concept was shelved. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. He was elected President by the Asian Development Bank's Board of Governors. The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia . He joined ADB on 12 December 2018. . [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. CNBC Transcript: Takehiko Nakao, President, Asian Development Bank Asakawa, who took office on 17 January 2020, is the 10th president of ADB. 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. 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. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. 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. World Bank to provide US$ 1.5 b over next two years On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. A nominee needs to gain at least half of all votes to become the ADB president. Asian Development Bank (ADB) - Key Facts for UPSC - BYJUS 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. Home About ADB Organization Transparency Operational Priorities ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Asia with more than half the world population and a steady trend of population growth is at the very center of the world crisis. [58][59], The bank has been criticized over its role and relevance in the food crisis. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. India is one of the founding members of the Asian Development Bank (ADB). It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. 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. In contrast, the United States contributed only $1.25 million to the special fund. 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. [63] The year after a member's name indicates the year of membership. Masatsugu Asakawa - Wikipedia Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. 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. Learn more about the Philippine government, its structure, how government works and the people behind it. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. Private Sector Lending This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. The current president is Masatsugu Asakawa. 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.. Preparation App. Be updated with the ADB President's activities on Takehiko Nakao's Flickr page. 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]. 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. Article 31), The 12 Directors of the ADB Board of Directors are elected by the Board of Governors. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. The bank employs about 3,000 people, representing 60 of its 68 members. Asian Development Bank is a regional development bank, established in December 1966. He also noted that we are comprehensively reviewing options to further optimize ADBs balance sheet, and that we are engaging closely with the ADB Board on this matter. 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. Managing Director General, Office of the President, Asian Development Bank . It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. President of Asian Development Bank [ edit] 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. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. From 31 . The regular five-year election for the position of ADB president was held as scheduled in mid-2021. 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. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968. 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). 65). The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. Although he initially declined, pressure came from other countries and Watanabe agreed. [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. [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. 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. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. 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.. (They are Afghanistan, Australia, Cambodia, Ceylon, Nationalist China, India, Iran, Japan, Korea, Laos, Malaysia, Nepal, New Zealand, Pakistan, The Philippines, Singapore, South Vietnam, Thailand and West Samoa. 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. See: Rules of Procedure of the Board of Directors of ADB. 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. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. [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. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. 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. [41], ADB has an information disclosure policy that presumes all information that is produced by the institution should be disclosed to the public unless there is a specific reason to keep it confidential. In this article, we will be covering the Asian Development Bank UPSC notes that include, members, functions, of ABD and voting rights, and the latest news regarding the Asian Development Bank that could be important for the UPSC Exam. A brief history of the Asian Development Bank DevelopmentAid Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. ADB's$9 billion COVID-19 vaccine initiative, the Asia Pacific Vaccine Access Facility,or APVAX, willprovidea comprehensive program to support developing Asia and the Pacifics vaccine process. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. 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]. What Is the Asian Development Bank? - Investopedia The opening of the ADB proves that the forces working for cooperation and fraternity between nations should never be underestimated. 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. [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. 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. 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. Asian Development Bank UPSC Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. Speech 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. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. Asian Development Bank UPSC: Members & President | ADB UPSC Asian Development Bank is an official United Nations Observer. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. Speech of President Marcos on the Inauguration of Asian Development Bank 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. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. To download the Asian Development Bank UPSC Notes PDF, click here. 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. ADB and its role in the world economy; More details on ADB for UPSC IAS exam. Speech of President Marcos on the Inauguration of Asian Development Bank 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 Asian Development 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. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. [34], ADB obtains its funding by issuing bonds on the world's capital markets. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. 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. [39] According to Jason Rush, Principal Communication Specialist, the Bank communicates with many other multilateral organizations. The 68 members of the Asian Development Bank comprise both, the regional members, as well as the non-regional members. The 200% increase is the largest in ADB's history, and was the first since 1994. The president has a term of office lasting five years, and may be reelected. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. This day marks the beginning of a new era in the solidarity of the region. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. 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. [13] 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]. Chen was World Bank's Executive Director for the PRC from 2013 to 2016 and a Board Director for the PRC in the New Development Bank and the Asian Infrastructure Investment Bank from 2016 to 2018. He served for seven years until January 2020, overseeing an . Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. ', https://en.wikipedia.org/w/index.php?title=Masatsugu_Asakawa&oldid=1141328419, 20002002: Regional Financial Cooperation Division, International Bureau, 20022004: International Tax Policy Division, Tax Bureau, 20042006: Foreign Exchange Markets Division, 20072008: Director for Co-ordination Division, International Bureau, 20092013: Deputy Vice Minister for International Affairs, 20122013: Senior Deputy Director-General, International Bureau and Executive Assistant to Deputy Prime Minister and Finance Minister, Ministry of Finance, 20132014: Deputy Vice Minister for Policy Planning and Co-ordination, 20142015: Director-General of the International Bureau. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. Along with this, one needs to practice the UPSC Previous Year Questions. 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. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's 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. 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. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. 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. [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. Masatsugu Asakawa | Asian Development Bank President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. 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. ADB partners with other development organizations on some projects to increase the amount of funding available. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. 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. 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. India is one of the founding members of the Asian Development Bank. Because it will be mainly managed by Asians, and staffed by Asian experts, the ADB would be to orient itself to the peculiar needs and requirements of the Asian countries. On the Inauguration of Asian Development Bank, [Delivered in Makati, Rizal, December 19, 1966], THE ADB: CORNERSTONE OF A NEW LIFE 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. At the time, Asia was one of the poorest regions in the world. Watanabe, Takeshi. William R. Thomson, Former Vice President for the Asian Development