Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. This page was last edited on 24 February 2023, at 14:18. 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. At present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. An absolute delight to interact with young minds; eager, enthusiastic & bright. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. The current president is Masatsugu Asakawa. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. 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. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. Download ADB notes PDF for civil services exam. 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]. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. The 68 members of the Asian Development Bank comprise both, the regional members, as well as the non-regional members. Recently, it has been in news due to the loans and financing it provided to India post-Covid. A nominee needs to gain at least half of all votes to become the ADB president. 65). Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. ADB releases an annual report 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. 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]. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. But even with their prophetic insights none of the Asian visionaries could foretell that in a few decades this great regional projectthe Asian Development Bank could already materialize. Be updated with the ADB President's activities on Takehiko Nakao's Flickr page. I can see a salutary effect arising from this. President Jin's second five-year term will begin Jan. 16, 2021. Authorization Method & Scope We know the ADB could rise today only because the ground had been well prepared for it during the past 18 years of the life of the ECAFE. 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 headquarter of the Asian Development Bank is in Manila, Philippines. From 31 . The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) The President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. 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. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. [2] He joined the Ministry of Finance in Japan the same year. 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. This day marks the beginning of a new era in the solidarity of the region. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. The UPSC Syllabus explicitly covers all the major financial institutions. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. The World Bank has given Southeast Asia only 5.3 per cent of all loans. 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. In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. He was elected President by the Asian Development Bank's Board of Governors. [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. Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. 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. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. The President of ADB chairs the Board of Directors. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. 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. One of the most active sub-sectors of finance is the PSOD's support for trade finance. When Japan recalled president of the Asian Development Bank, Haruhiko Kuroda, to head up its central bank, it seems to have missed an opportunity to promote openness. 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. India is one of the founding members of the ADB. 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. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Follow us on Facebook, Twitter, Instagram, and LinkedIn. On 26 Feb 2020, ADB raises $118 million from rupee-linked bonds and supporting the development of India International Exchange in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $1 billion of outstanding bonds. 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. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. 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: 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. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. 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%). 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. See: Rules of Procedure of the Board of Directors of ADB. [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. The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2020. He was elected President by the Asian Development Bank's Board of Governors. As I have told the Asian Labor Ministers Conference just ended in Manila, the Asian Nations today are in the position of being required to wage an industrial revolution without exploitation, no nation today is permitted to suspend human rights in deference to an urgent period of economic development. "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. It is my fond hope that other ECAFE countries such as the Soviet Union will now come into the bank, or at least participate in the development of Asia through the special fund of the bank. 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. It will help prepare technical studies and proposals for loans among the member countries or governments. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. Asakawa has also worked in various positions in other international agencies. 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. [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. 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. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. 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. COMMITMENT AGAINST POVERTY, IGNORANCE AND DISEASE. He was elected President by the Asian Development Banks Board of Governors. He was elected President by ADB's Board of Governors and assumed office in April 2013. [58][59], The bank has been criticized over its role and relevance in the food crisis. We Asians are, therefore, particularly happy about the keen interest shown by the countries outside the ECAFE region to help foster economic growth and cooperation in the region, of Asia and the Far East and contribute to the acceleration of the process of economic development of the developing countries in the region.. ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. 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." In the meantime, he gave lectures as Visiting Professor at the Graduate School of Economic Science, Saitama University (20062009), and at the Graduate School of Arts and Sciences, University of Tokyo (20122015). ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate 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. 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. 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. 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 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 UPSC [18], Asia moved beyond the economic crisis and by 2010 had emerged as a new engine of global economic growth though it remained home to two-thirds of the world's poor. 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. The bank employs about 3,000 people, representing 60 of its 68 members. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. Asian Development Bank(ADB) is a regional development bank, established in December 1966. [7] The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. [13] Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. It is headquartered in Manila, Philippines. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. Considering that the tensions in Asia remain the gravest menace to world peace, the opening of this great bank directed to the deepest causes of such tensionsmass poverty, ignorance and disease, becomes all the more encouraging and reassuring for mankind. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. 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. 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. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. 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 early 2000s saw a dramatic expansion of private sector finance. He joined ADB on 12 December 2018. . 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]. Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968. China is the. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Indonesia and the Asian Development Bank: Fifty Years of Partnership, International development and investment banks, European Bank for Reconstruction and Development, International Bank for Reconstruction and Development, BrazilRussiaIndiaChinaSouth Africa (BRICS), IndiaBrazilSouth Africa Dialogue Forum (IBSA), New World Information and Communication Order, United Nations Conference on Trade and Development, United Nations Industrial Development Organization, Community of Latin American and Caribbean States, South Atlantic Peace and Cooperation Zone, South Asian Association for Regional Cooperation, African, Caribbean and Pacific Group of States, Western and Central Pacific Fisheries Commission (WCPFC), https://en.wikipedia.org/w/index.php?title=Asian_Development_Bank&oldid=1141643561, United Nations General Assembly observers, Intergovernmental organizations established by treaty, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, Environment, Climate Change, and Disaster Risk Management . Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. It would help you to prepare for the upcoming UPSC exam. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. 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. CNBC Transcript: Takehiko Nakao, President, Asian Development Bank March 26, 2018, 8:48 PM Following is the transcript of a CNBC interview with Takehiko Nakao, President of the Asian. Private Sector Lending This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. 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. 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. Speech of President Marcos on the Inauguration of Asian Development Bank. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. But I believe that in the long run the most lasting effect of this bank would be moral, in the sense that it would help spark in all member countries a new spirit of changeof being able to alter their own environments to make them serve the aims of a better and fuller life in dignity and freedom. [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. [1] He was formerly special adviser to Shinzo Abe, prime minister of Japan, and to Taro Aso, the deputy prime minister of Japan and minister of finance. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. India is one of the founding members of the Asian Development Bank (ADB). ADB President Masatsugu Asakawa met with representatives of civil society organizations (CSOs) and nongovernment organizations (NGOs). Asian Development Bank and the Government of India signed a $300 million loan as additional financing to scale up the improvement of rural connectivity to help boost the rural economy in the state of Maharashtra. . 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. But the US did not warm to the plan and the concept was shelved. Home About ADB Organization Transparency Operational Priorities [8] ADB is an official United Nations Observer. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. 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. The Governor and the accompanying Mongolia delegation also met with VP Ahmed Saeed and managers of ADB's East Asia and private sector departments, and public-private partnership office, during their two-day visit on 28 February and 1 March. Ahigh-level panel of experts exchanged views on what it will take to ensure that developing Asias Great Reset points the regiontoward a green, resilient,andinclusivefuture. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. ADB responded to this with loans and grants that encouraged economic growth. But the most important efforts in this direction must come, not from outside the region but from within. 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. The per capital foreign aid to Southeast Asia is only $2.50 while it is $5.90 to Africa and $5 to Latin America. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. 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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