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. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. [18], Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and the Pacific. 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. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. 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. 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. 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. It may not be inappropriate, therefore, as someone has suggested, to call it a sort of World Bank for Asia.. Marcos, F. E. (1966). 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. Japanese Prime Minister Eisaku Sat asked Watanabe to be a candidate. 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). [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. Preparation App. 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. But the most important efforts in this direction must come, not from outside the region but from within. 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. 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. 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. 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. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. The Asian Development Bank is an important topic for both the Prelims and Mains. 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). 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. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. Official Gazette of the Republic of the Philippines, 63(4), 791-795. The recognition of this necessity is an act of maturity and wisdom. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. 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. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. This page was last edited on 26 February 2023, at 02:25. ADB and its role in the world economy; More details on ADB for UPSC IAS exam. [7] The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. Authorization Method & Scope The roles and functions of the Asian Development Bank are: Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADBs Board of Directors. Masahiro Kawai, dean of the Asian Development Bank Institute, a Tokyo-based think tank founded by the ADB, said . This is the foreign exchange gap involved in economic modernization and the raising of productivity. Keynote address by Masatsugu Asakawa,President, Asian Development Bank, at the 21st Ministerial Conference of Central Asia Regional Economic Cooperation (CAREC) Program, 24 November 2022, SpeechbyMasatsugu Asakawa,President,ADB, at the Indonesia Energy Transition Mechanism (ETM) Country Platform launch, 14November 2022 inBali, Indonesia, Keynote address byMasatsugu Asakawa,President,Asian Development Bank, at the Business 20 (B20) Summit dialogue forum of the G20, 13 November 2022 inBali, Indonesia, Speech byMasatsugu Asakawa, President, Asian Development Bank,at the 14th IMT-GT Summit, Phnom Penh, Cambodia, 10 November 2022, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session (Part II), at the 55th Annual Meeting, 27 September2022, Opening statement byMasatsugu Asakawa, President, Asian Development Bank, to press conferenceat the 55th Annual Meeting, 27 September2022, Speech by Masatsugu Asakawa, President, Asian Development Bank, at the G20 2022 Ministerial Symposium on Tax and Development, 14 July 2022, Bali, Indonesia, Keynote address by Masatsugu Asakawa, President, Asian Development Bank, at the Sydney Energy Forum, 12 July 2022, Sydney, Australia, Keynote speech byMasatsugu Asakawa, President, Asian Development Bank, at the 2022 Global Meeting of the Emerging Markets Forum, 18 May 2022, Paris, France, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session, at the 55th Annual Meeting, 5 May 2022. The 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. 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. [58][59], The bank has been criticized over its role and relevance in the food crisis. 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. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. [8] ADB is an official United Nations Observer. 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]. And it is in this sense that the Asian Development Bank in the end enters the confluence of patriotic ideas associated with the great humanitarian heroes of Asia. He was elected as ADB's 10 th president on November 2019 and assumed the . A nominee needs to gain at least half of all votes to become the ADB president. The election result was announced by the Chair of AIIB's Board of Governors during the Bank's fifth Annual Meeting on Tuesday, July 28. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. 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). None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. 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. He was elected President by the Asian Development Bank's Board of Governors. Before joining ADB, Mr. Nakao was the Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan. The ADB only yesterday was but an inspired vision. 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. [6] From 31 members at its establishment, ADB now has 68 members. 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. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. The current president is Masatsugu Asakawa. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. 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. 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. [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. In 2003, the severe acute respiratory syndrome (SARS) epidemic hit the region and ADB responded with programs to help the countries in the region work together to address infectious diseases, including avian influenza and HIV/AIDS. 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. [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. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. The per capita loans from the World Bank on a regional basis are $2.80 to Asia, $3.04 to Africa and $4.20 to Europe. [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. 65). ', 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. And I am glad that the non-regional members of the ADB, representing the developed West, are also taking part in this undertaking, ready to share with Asia the experience and the capacities that are the sources of their own development. That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. Learn more about the Philippine government, its structure, how government works and the people behind it. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. We shall meet these responsibilities. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). 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. The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. 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: Despite an initial mixed reaction, support for the establishment of a new bank soon grew. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. 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. It is headquartered in Manila, Philippines. The President of ADB chairs the Board of Directors. 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. In contrast, the United States contributed only $1.25 million to the special fund. 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. Although he initially declined, pressure came from other countries and Watanabe agreed. Indonesia and the Asian Development Bank: Fifty Years of Partnership, International development and investment banks, European Bank for Reconstruction and Development, International Bank for Reconstruction and Development, BrazilRussiaIndiaChinaSouth Africa (BRICS), IndiaBrazilSouth Africa Dialogue Forum (IBSA), New World Information and Communication Order, United Nations Conference on Trade and Development, United Nations Industrial Development Organization, Community of Latin American and Caribbean States, South Atlantic Peace and Cooperation Zone, South Asian Association for Regional Cooperation, African, Caribbean and Pacific Group of States, Western and Central Pacific Fisheries Commission (WCPFC), https://en.wikipedia.org/w/index.php?title=Asian_Development_Bank&oldid=1141643561, United Nations General Assembly observers, Intergovernmental organizations established by treaty, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, Environment, Climate Change, and Disaster Risk Management . The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. 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 aims to promote social and economic development in Asia and the Pacific. India is one of the founding members of the ADB. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. 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. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. (UPSC 2022). He served as visiting professor at the Graduate School of Economic Science, Saitama University in Tokyo from 2006 to 2009,[2] and at the Graduate School of Arts and Sciences, University of Tokyo from 2012 to 2015. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. IN ASIA. 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. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. At the time, Asia was one of the poorest regions in the world. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. [6], Watanabe served as the first ADB president to 1972. 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. 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.