He was elected President by the Asian Development Banks Board of Governors. 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. 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: 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]. 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. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. [63] The year after a member's name indicates the year of membership. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. 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. (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. World leaders backed the establishment of the first-ever innovative guarantee fund specifically designed to invest in the education of the worlds poorest children and youththe IFFEd. 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. He was elected President by the Asian Development Bank's Board of Governors. In the early 1990s, ADB moved its offices to Ortigas Center in Pasig City, with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . 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, 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, Rules of Procedure of the Board of Directors of ADB, Republic of Korea / Papua New Guinea / Sri Lanka / Taipei,China / Uzbekistan / Vanuatu / Viet Nam, Kazakhstan / Maldives / Marshall Islands / Mongolia / Pakistan / Philippines / Timor-Leste, Canada / Denmark / Finland / Ireland / The Netherlands / Norway / Sweden, Australia / Azerbaijan / Cambodia / Georgia / Hong Kong, China / Kiribati / Federated States of Micronesia / Nauru / Palau / Solomon Islands / Tuvalu, Armenia / Cook Islands / Fiji / Indonesia / Kyrgyz Republic / New Zealand / Niue / Samoa / Tonga, Brunei Darussalam / Malaysia / Nepal / Singapore / Thailand, Belgium / France / Italy / Portugal / Spain / Switzerland, Afghanistan / Bangladesh / Bhutan / India / Lao Peoples Democratic Republic / Tajikistan / Turkmenistan, Austria / Germany / Luxembourg / Trkiye / United Kingdom. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. 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. 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. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. Asian Development Bank UPSC He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. Although he initially declined, pressure came from other countries and Watanabe agreed. 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]. [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. India is one of the founding members of the Asian Development Bank. There will be pressure on member governments to scrutinize more closely and rigorously their own development projects to qualify for assistance, and therefore to raise the level of their own planning and management competence. Asian Development Bank is an official United Nations Observer. 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. Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. 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. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. 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. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. 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. The president has a term of office lasting five years, and may be reelected. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. Learn more about the Philippine government, its structure, how government works and the people behind it. 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. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. During the crisis, ADB approved its largest single loan a $4 billion emergency loan to South Korea. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. 5 March, 2023. In the case of the Philippines, alone, we have projected our need for foreign investments at more than P3.5 billion over the next three years of a four-year program period. 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. 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. A nominee needs to gain at least half of all votes to become the ADB president. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. 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. His qualifications, background and experience eminently fit him for his new position. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. 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. 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. This is not only because most Asian countries lack the capital and the means of development. The result was to expand the OCR balance sheet to permit increasing annual lending and grants to $20 billion by 2020 50% more than the previous level. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. 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]. [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. He was elected President by ADB's Board of Governors and assumed office in April 2013. 65). ADB partners with other development organizations on some projects to increase the amount of funding available. 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. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. This Commission of the United Nations brought together Asian governments closer to each other than anything had done before. 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. Activities News Speeches Videos Profile A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. 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 Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. 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]. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (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. 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 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. History of ADB. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries. [6], Watanabe served as the first ADB president to 1972. Asia with more than half the world population and a steady trend of population growth is at the very center of the world crisis. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. 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. 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. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. 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 was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. Indeed, whereas the Private Sector Operations Department (PSOD) closed out that year with financings of $2.4 billion, the ADB has significantly dropped below that level in the years since and is clearly not on the path to achieving its stated goal of 50% of financings to the private sector by 2020. And I shall add that this event is auspicious not only for the people of Asia, but also for the peace of the world. Speech Finance Sector Development The financial system is the lifeline of a country's economy. The Board of Directors is responsible for the direction of the general operations of the bank. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. The Board of Directors performs its duties full time at the ADB headquarters in Manila, Philippines. ADB responded to this with loans and grants that encouraged economic growth. We know, however, the proximate causes of the success of this great idea of the ADB. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. 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 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. 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. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents. Authorization Method & Scope 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. Watanabe, Takeshi. The 68 members of the Asian Development Bank comprise both, the regional members, as well as the non-regional members.
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