He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. The President | African Development Bank - Building today, a better The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. 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. The 68 members of the Asian Development Bank comprise both, the regional members, as well as the non-regional members. Finance Minister Nirmala Sitharaman on Tuesday met Asian Development Bank (ADB) President Masatsugu Asakawa, and acknowledged the swift response and support provided by the institution to all its developing member countries, including India during the Covid-19 pandemic. 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. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. Progress is not merely a matter of advice and encouragement or external aid. File:The President, Asian Development Bank, Mr. Takehiko Nakao.jpg He served for seven years until January 2020, overseeing an . Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. The Japanese and the. His qualifications, background and experience eminently fit him for his new position. [6] From 31 members at its establishment, ADB now has 68 members. ', 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. 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). [34], ADB obtains its funding by issuing bonds on the world's capital markets. Jin Liqun Reelected President of AIIB - News - AIIB ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. In contrast, the United States contributed only $1.25 million to the special fund. Finance Sector Development The financial system is the lifeline of a country's economy. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. In August 2021, he was reelected for a 5-year term starting on 24 November 2021. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. This page was last edited on 26 February 2023, at 02:25. Asian Development Bank UPSC China is 'committed to net zero,' head of top Asian development bank Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. 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. ADB partners with other development organizations on some projects to increase the amount of funding available. 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. While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. (Charter. The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Asian Development Bank is a financial institution. 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]. 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. 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. 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. 65). It will help prepare technical studies and proposals for loans among the member countries or governments. 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. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. [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. 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. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. 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. 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.. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. Explore It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. 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. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its "nonsovereign" operations. 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 Asian Development Bank was modelled closely on the World Bank and has a similar weighted voting system where votes are distributed in proportion to members capital subscriptions. Sitharaman meets Asian Development Bank President, lauds support to ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. In the meantime, he gave lectures as Visiting Professor at the Graduate School of Economic Science, Saitama University (20062009), and at the Graduate School of Arts and Sciences, University of Tokyo (20122015). 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. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. Asian Development Bank (ADB) has listed its 10-year masala bonds worth 850 crores on the global debt listing platform of India INX (BSE-owned exchange). President Asakawa conveyed ADBs intention to provide $20 billion -$25 billion resources over 5 years to advance the countrys aspirations for fast, inclusive, and green growth. 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. 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. 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. We shall meet these responsibilities. 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. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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). [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 the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. [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. For the Philippines, the creation of the Asian Development Bank is specially significant. We know, however, the proximate causes of the success of this great idea of the ADB. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. Asakawa has also worked in various positions in other international agencies. "[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. The World Bank has given Southeast Asia only 5.3 per cent of all loans. Follow us on Facebook, Twitter, Instagram, and LinkedIn. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. One of the most active sub-sectors of finance is the PSOD's support for trade finance. ADB encourages websites and blogs to link to its web pages. [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. 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%). [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). This is the foreign exchange gap involved in economic modernization and the raising of productivity. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. The UPSC Syllabus explicitly covers all the major financial institutions. 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. 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. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. Today, we are inaugurating the bank. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. 1977 (reprinted 2010). He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. Japanese Prime Minister Eisaku Sat asked Watanabe to be a candidate. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. To pool together our resources for development is undoubtedly a great act of maturity and wisdom. [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. Marcos, F. E. (1966). [2], Last edited on 24 February 2023, at 14:18, Learn how and when to remove this template message, Woodrow Wilson School of Public and International Affairs, New ADB President Masatsugu Assumes Office', "Masatsugu Asakawa elected ADB president", Japans Asakawa: will look at how to respond to market', Japan eyes ex-top currency diplomat Masatsugu Asakawa as next head of ADB', Announcement of Intent of Resignation by ADB President Takehiko Nakao', Masatsugu Asakawa Reelected for Second Term as ADB President. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. But I believe that in the long run the most lasting effect of this bank would be moral, in the sense that it would help spark in all member countries a new spirit of changeof being able to alter their own environments to make them serve the aims of a better and fuller life in dignity and freedom. They discussed Canadas new Indo-Pacific Strategy and possible collaboration with FinDev, Canadas development finance institution. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. Ahigh-level panel of experts exchanged views on what it will take to ensure that developing Asias Great Reset points the regiontoward a green, resilient,andinclusivefuture. (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. 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. 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. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. It is headquartered in Manila, Philippines. The 200% increase is the largest in ADB's history, and was the first since 1994. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. [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. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement, while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials. 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 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). Asian Development Bank (ADB) - ClearIAS 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. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. Authorization Method & Scope Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). 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. This is not only because most Asian countries lack the capital and the means of development. 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. And I shall add that this event is auspicious not only for the people of Asia, but also for the peace of the world. Masatsugu Asakawa - Wikipedia Two of the USState Departments 2021 Anticorruption Champions ProTenge.KZ Founder Jamilya Maricheva and Anti-Corruption Organization of Thailand Executive Committee Member Torplus Yomnak and former Undersecretary General for UN Internal Oversight Services Heidi Mendoza shared their experiences and insights at a session onBuilding Trust, Igniting Integrity: Sustaining relationships in rebuilding Asia and the Pacific. In the early 1990s, ADB moved its offices to Ortigas Center in Pasig City, with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises.
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