president of asian development bank

In contrast, the United States contributed only $1.25 million to the special fund. See: Rules of Procedure of the Board of Directors of ADB. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of Article 43.[64]. The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. The UPSC Syllabus explicitly covers all the major financial institutions. It is a recognition of the stability of our political structure, the soundness of our social and economic institutions and the ability of our people. To download the Asian Development Bank UPSC Notes PDF, click here. This page was last edited on 26 February 2023, at 02:25. 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. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. 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. 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. President Masatsugu Asakawa on 1 March 2022 met with Canadas Minister of International Development and ADB Governor Harjit S. Sajjan and Member of Parliament, Mississauga-Streetsville, Rechie Valdez in ADB headquarters. Finance Sector Development The financial system is the lifeline of a country's economy. 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. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. 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. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. [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. We shall meet these responsibilities. Asian Development Bank maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through co-financing operations that tap official, commercial, and export credit sources. 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. ADB partners with other development organizations on some projects to increase the amount of funding available. 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. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. 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. 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. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. 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. 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. [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. Prior to joining ADB, he served as Special Advisor to Japans Prime Minister and Minister of Finance, and has a close-to-four decades career at the Ministry of Finance with diverse professional experience that cuts across both domestic and international fronts. Before joining ADB, Mr. Nakao was the Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan. [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. [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. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. Over the course of the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the ADB. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. 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%). Jin Liqun Reelected President of AIIB - News - AIIB His qualifications, background and experience eminently fit him for his new position. President of the Philippines On the Inauguration of Asian Development Bank [Delivered in Makati, Rizal, December 19, 1966] THE ADB: CORNERSTONE OF A NEW LIFE IN ASIA The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. 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. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. The Asian Development Bank is an important topic for both the Prelims and Mains. 1977 (reprinted 2010). Follow us on Facebook, Twitter, Instagram, and LinkedIn. 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. The current president is Masatsugu Asakawa. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. 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 main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. And I shall add that this event is auspicious not only for the people of Asia, but also for the peace of the world. He was first elected to the position on May 28, 2015 by the Bank's Board of Governors at its Annual Meetings held in Abidjan, Cte d'Ivoire. 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 (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. India is one of the founding members of the Asian Development Bank (ADB). [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. 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. [6] From 31 members at its establishment, ADB now has 68 members. ADB also responded to a multitude of natural disasters in the region, committing more than $850 million for recovery in areas of India, Indonesia, Maldives, and Sri Lanka which were impacted by the 2004 Indian Ocean earthquake and tsunami. He was elected President by ADB's Board of Governors and assumed office in April 2013. : 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). The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. The Japanese and the. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. 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. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. To cover the topic in detail, one needs to know each of the following details mentioned in the article. Asian Development Bank is a financial institution. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. 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. We must at last face the truth that there is no choice for our countries except to cooperate. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. In conclusion, may I say to the men behind this bank; congratulations and best wishes as you go forth on your historic mission of building a better life for the peoples of Asia. 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. The bank will also help redress the imbalance in foreign exchange prevailing in most Asian countries estimated at from 600 million to one billion dollars. The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2020. File : The President, Asian Development Bank, Mr. Takehiko Nakao.jpg This is not only because most Asian countries lack the capital and the means of development. [63] The year after a member's name indicates the year of membership. [58][59], The bank has been criticized over its role and relevance in the food crisis. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. The recognition of this necessity is an act of maturity and wisdom. However, that effort was never a true priority until the administration of President Tadeo Chino who in turn brought in a seasoned American banker Robert Bestani. Read Biography News 1 of 76 next Videos It is headquartered in Manila, Philippines. Asian Development Bank UPSC The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. 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]. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. 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.

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