The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." The President Dr. Akinwumi A. Adesina is the 8th elected President of the African Development Bank Group. 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. A brief history of the Asian Development Bank DevelopmentAid The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. Because of this, the Asian countries must turn to each other and to the developed countries of the West for the additional capital they need for their development. Asian Development Bank UPSC J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. 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. 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. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. 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. 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. This is not only because most Asian countries lack the capital and the means of development. 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. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. Official Gazette of the Republic of the Philippines, 63(4), 791-795. The President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. He was elected as ADB's 10 th president on November 2019 and assumed the . The President of ADB chairs the Board of Directors. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. 5 March, 2023. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. 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. [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. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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 President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. 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. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. See: Rules of Procedure of the Board of Directors of ADB. Speech 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). 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.. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. [2] He joined the Ministry of Finance in Japan the same year. Asian Development Bank is an official United Nations Observer. 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 Japanese and the. 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. The Asian Development Bank is an important topic for both the Prelims and Mains. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. ADB President Masatsugu Asakawa met with representatives of civil society organizations (CSOs) and nongovernment organizations (NGOs). ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. Established in 1966, it is owned by 68 members49 from the region. Speech of President Marcos on the Inauguration of Asian Development Bank. 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. Structure and Functions of Asian Development Bank (ADB) Countries in central and west Asia have endorsed three new cross-border cooperation initiatives to help accelerate the regions recovery from the COVID-19 pandemic, improve food security, and boost the development of clean energy. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. 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 UPSC Syllabus explicitly covers all the major financial institutions. The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. Asian Development Bank UPSC 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. 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. Asian Development Bank President (1966 to 2022) Looking ahead, the race between agricultural output and population is assuming formidable dimensions. [39] According to Jason Rush, Principal Communication Specialist, the Bank communicates with many other multilateral organizations. A nominee needs to gain at least half of all votes to become the ADB president. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. [6] From 31 members at its establishment, ADB now has 68 members. India is one of the founding members of the Asian Development Bank. It is headquartered in Manila, Philippines. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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The ADB only yesterday was but an inspired vision. 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. 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. 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.