Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. 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 ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. 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. of [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. 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: We take pride in having played an important role in the organization of the bank, and in having been chosen as the host country for its offices. 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. We shall meet these responsibilities. 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). This assurance has been given by the Vice President of the South Asian Region . As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. Fujioka Masao, the fourth president (198190), adopted an assertive leadership style, launching an ambitious plan to expand the ADB into a high-impact development agency. ADB focused on improving roads and providing electricity. He served for seven years until January 2020, overseeing an . 65). President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. Regional Cooperation and Integration Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . 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. Although he initially declined, pressure came from other countries and Watanabe agreed. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. ', 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 President congratulated PM Modi for his leadership in handling the COVID-19 pandemic and on India's assumption of the G20 Presidency for 2023. [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. Japanese presidents Inoue Shiro (197276) and Yoshida Taroichi (197681) took the spotlight in the 1970s. 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. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. To download the Asian Development Bank UPSC Notes PDF, click here. [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. 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. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. 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. 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'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]. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. We know, however, the proximate causes of the success of this great idea of 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]. Established in 1966, it is owned by 68 members49 from the region. 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. Watanabe, Takeshi. The Asian Development Bank has 68 members. 20152019: Vice Minister for International Affairs with responsibilities for all international policies of the Japanese Ministry of Finance including G20/IMF issues, foreign exchange rate policy, 20022004: Co-Chair for Board for Co-operation with Non-OECD Economies, 20022004: Co-Chair for Forum on Harmful Tax Practices. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. 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. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. 5 March, 2023. 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. Explore Allow me to congratulate the members of the board of directors. To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. He was elected President by the Asian Development Banks Board of Governors. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. 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. [55], Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). 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). President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. . The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. This page was last edited on 24 February 2023, at 14:18. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. 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. 20112016: Chair for Committee on Fiscal Affairs. 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. 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. The opening of the ADB proves that the forces working for cooperation and fraternity between nations should never be underestimated. 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. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. Before joining ADB, Mr. Nakao was the Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan. More than 50 financing partnership facilities, trust funds, and other funds totalling several billion each year are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. ADB responded to this with loans and grants that encouraged economic growth. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. The bank employs about 3,000 people, representing 60 of its 68 members. 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. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). 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. Asakawa has also worked in various positions in other international agencies. 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. The ADB has been accused by civil society of ignoring warnings leading up the crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading to problems such as the rice supply shortage in Southeast Asia.[60]. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. 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. At the time, Asia was one of the poorest regions in the world. Notable projects and technical assistance, Largest countries and regions by subscribed capital and voting power, Joined as "British Hong Kong", not "Hong Kong SAR", United Nations Economic and Social Commission for Asia and the Pacific, Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, Department of Foreign Affairs (Philippines), South Asia Subregional Economic Cooperation, "Masatsugu Asakawa Elected ADB President", "Scholarship Program: List of Academic Institutions", "New ADB President Masatsugu Asakawa Assumes Office", "New ADB President Takehiko Nakao Assumes Office", New ADB President Masatsugu Asakawa Assumes Office', "Environment, Climate Change, and Disaster Risk Management", "Information and Communications Technology", "ADF-OCR Merger to Boost Support for Region's Poor", "Management's Discussion and Analysis and Annual Financial Statements", "Private Sector (Nonsovereign) Financing", "ADB raises $118 million from rupee-linked bonds", "Hairatan to Mazar-i-Sharif railway | Railways of Afghanistan", "Water Supply and Sanitation Sector Project Additional Financing in Armenia: General Procurement Notice | Devex", "Proposed Green Power Development Project in Bhutan | Devex", "Government signs loan agreement with ADB for Rural Roads Sector II Investment ProgramProject 4, Special Content Association Releases ConstructionBiz360", "ADB supports vocational education in Indonesia", "Oudomxay hosts belated opening ceremony for water treatment plant", "Food and Nutrition Social Welfare Programme and Project (Capacity Development Project M&E)", "MalolosClark Railway Project: North-South Commuter Railway, PNR Clark - Phase 2", "Philippines: South Commuter Railway Project", "Pacific banks go branchless to reach the unbanked | Scoop News", "Donor Influence in MDBs: The Case of the Asian Development Bank", "The Asian Development Bank and Food Security", "Inter Press Service News and Views from the Global South", "Large-scale ADB projects draw criticism", "RFI NGO criticises ADB and questions its ability to reduce poverty", (space deliberately omitted after the comma). 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. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). 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. The president has a term of office lasting five years, and may be reelected. This Commission of the United Nations brought together Asian governments closer to each other than anything had done before. The early 2000s saw a dramatic expansion of private sector finance. [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 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. 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. [58][59], The bank has been criticized over its role and relevance in the food crisis. The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. It will help prepare technical studies and proposals for loans among the member countries or governments. In the immediate aftermath of the Global Financial Crisis, Mr. Asakawa, in his capacity as Executive Assistant to Prime Minister Taro Aso, took part in the first G20 Leaders Summit Meeting in November 2008. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? It would help you to prepare for the upcoming UPSC exam. 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. He was elected President by the Asian Development Bank's Board of Governors. (Charter. 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). It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. ADB's$9 billion COVID-19 vaccine initiative, the Asia Pacific Vaccine Access Facility,or APVAX, willprovidea comprehensive program to support developing Asia and the Pacifics vaccine process. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. Over the course of the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the ADB. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. 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 ADB was created to be a financial institution that would be "Asian in character" as it works to . ADB has adopted a comprehensive reform road map, featuring a new operating model, to accelerate its transformation and more effectively serve the rapidly changing needs of its developing member countries in Asia and the Pacific. IN ASIA. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. 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. United Nations Environment Programme Finance Initiative. "[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. (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. Progress is not merely a matter of advice and encouragement or external aid. ADB encourages websites and blogs to link to its web pages. COMMITMENT AGAINST POVERTY, IGNORANCE AND DISEASE. 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. For UPSC 2023 preparation, follow BYJU'S. [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 present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. India is one of the founding members of the Asian Development Bank (ADB). The current president is Masatsugu Asakawa. The World Bank has given Southeast Asia only 5.3 per cent of all loans. Learn more about the Philippine government, its structure, how government works and the people behind it. India is one of the founding members of the ADB. India is one of the founding members of the Asian Development Bank. 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. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. This day marks the beginning of a new era in the solidarity of the region. 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. Official Gazette of the Republic of the Philippines, 63(4), 791-795. Recently, it has been in news due to the loans and financing it provided to India post-Covid. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008.