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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. File : The President, Asian Development Bank, Mr. Takehiko Nakao.jpg He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. 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]. The President | African Development Bank - Building today, a better Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. Although he initially declined, pressure came from other countries and Watanabe agreed. 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. A brief history of the Asian Development Bank DevelopmentAid [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. 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. He also noted that we are comprehensively reviewing options to further optimize ADBs balance sheet, and that we are engaging closely with the ADB Board on this matter. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. [13] In this regard, we are obliged to cite Mr. U Nyun, secretary general of the ECAFE, who has probably done as much as any other man to bring forth the Asian Development Bank. The ADB only yesterday was but an inspired vision. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the special funds. Asian Development Bank | Familypedia | Fandom China is 'committed to net zero,' head of top Asian development bank Preparation App. [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. [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. 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. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. CNBC Transcript: Takehiko Nakao, President, Asian Development Bank 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. We must at last face the truth that there is no choice for our countries except to cooperate. Authorization Method & Scope ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. Along with this, one needs to practice the UPSC Previous Year Questions. 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%). 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. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. This is carried out through investments in the form of loans, grants and information sharing in infrastructure, health care services, 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. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents. On the Inauguration of Asian Development Bank, [Delivered in Makati, Rizal, December 19, 1966], THE ADB: CORNERSTONE OF A NEW LIFE On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. 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). The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. The early 2000s saw a dramatic expansion of private sector finance. 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. [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. This page was last edited on 26 February 2023, at 02:25. I can see a salutary effect arising from this. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. 1977 (reprinted 2010). Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. The bank employs about 3,000 people, representing 60 of its 68 members. Most recently, he served as Finance Deputy for the G20 meetings under the Japanese presidency, playing a pivotal role for the success of the G20 Osaka Summit as well as the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka. 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. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. Masatsugu Asakawa - Wikipedia They discussed Canadas new Indo-Pacific Strategy and possible collaboration with FinDev, Canadas development finance institution. [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. The Government of India and the Asian Development Bank (ADB) signed a $112 million loan to develop water supply infrastructure and strengthen the capacities of urban local bodies (ULBs) for improved service delivery in four towns in the state of Jharkhand. The Asian Development Bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. Asian Development Bank is an official United Nations Observer. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. He joined ADB on 12 December 2018. . His Excellency Ferdinand E. Marcos Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. ADB encourages websites and blogs to link to its web pages. 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. Read thenews release. It will help prepare technical studies and proposals for loans among the member countries or governments. [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. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. 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. 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. 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). The ADB was created to be a financial institution that would be "Asian in character" as it works to . Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. But the US did not warm to the plan and the concept was shelved. 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. 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. [21], In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the global economic crisis. . One of the major functions of the Asian Development Bank is to serve as a medium for bringing over investments from the highly developed countries to the developing countries of the region. "Operating at a global and international level, these banks can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities. Since assuming office on 17 January 2020, President Masatsugu Asakawa has been leading theAsian Development Bankthrough global influence and strong country presence across Asia and the Pacific. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members49 from the region. The Governor thanked the President for ADBs continued strong partnership with Mongolia, recognizing ADB as the leading development financier, including ADBs critical support during the COVID-19 pandemic. World Bank to provide US$ 1.5 b over next two years In this article, we will be covering the Asian Development Bank UPSC notes that include, members, functions, of ABD and voting rights, and the latest news regarding the Asian Development Bank that could be important for the UPSC Exam. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Jin Liqun Reelected President of AIIB - News - AIIB 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. [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. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. Asian Development Bank - Wikipedia The Asian Development Bank is an important topic for both the Prelims and Mains. Download ADB notes PDF for civil services exam. Asia with more than half the world population and a steady trend of population growth is at the very center of the world crisis. 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. Asian Development Bank(ADB) is a regional development bank, established in December 1966. 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. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. 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. To cover the topic in detail, one needs to know each of the following details mentioned in the article. 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. [34], ADB obtains its funding by issuing bonds on the world's capital markets. 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. Board of Directors | Asian Development Bank [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. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. 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). ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. I am delighted to share on ADB support to V20 Initiatives and Partnerships. 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. While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. In a frank and engaging conversation with international broadcast journalist Zeinab Badawi, ADB President Masatsugu Asakawa offered his vision and ideas for change towards a better, greener, more sustainable, and resilient Asia and the Pacific. It is headquartered in Manila, Philippines. He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. 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. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. Asakawa later studied at the Woodrow Wilson School of Public and International Affairs at Princeton University in the United States, graduating with an MPA in 1985.[2]. Asian Development Bank is a financial institution. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. 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. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. To download the Asian Development Bank UPSC Notes PDF, click here. Takehiko Nakao | World Bank Live President Masatsugu Asakawa met with India Prime Minister Narendra Modi and Finance Minister and ADB Governor Nirmala Sitharaman during his visit to New Delhi on 20-22February 201. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. [5] To pool together our resources for development is undoubtedly a great act of maturity and wisdom. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. 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. 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. This page was last edited on 24 February 2023, at 14:18. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. An absolute delight to interact with young minds; eager, enthusiastic & bright. 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. 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. We shall meet these responsibilities. (Charter. The president has a term of office lasting five years, and may be reelected. 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. 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. 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. Based on a new policy, both types of loans will be sourced starting January 2017 from the bank's ordinary capital resources (OCR), which functions as its general operational fund.[33]. Asian Development Bank President (1966 to 2022) J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. 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 inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. Ashok Lavasa on LinkedIn: #energytransition #development # All content is in the public domain unless otherwise stated. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. He was elected President by the Asian Development Bank's Board of Governors. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. 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. : 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 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. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. One of the most active sub-sectors of finance is the PSOD's support for trade finance. 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]. 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. A brief history of the Asian Development Bank DevelopmentAid For UPSC 2023 preparation, follow BYJU'S. The president has a term of office lasting five years, and may be reelected. 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. Learn more about the Philippine government, its structure, how government works and the people behind it. 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.