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.. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. 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. 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. ADB encourages websites and blogs to link to its web pages. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. 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. This day marks the beginning of a new era in the solidarity of the region. 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. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Be updated with the ADB President's activities on Takehiko Nakao's Flickr page. He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. (UPSC 2022). 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. 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. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. 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. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. 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. The Board (i) takes decisions concerning policies of the bank, and loans, guarantees, investments and technical assistance by the bank, (ii) approves borrowings by the bank, (iii) clears the financial accounts of the bank for approval by the Board of Governors, and (iv) approve the budgets of the bank. The bank employs about 3,000 people, representing 60 of its 68 members. ADB focused on improving roads and providing electricity. [13] 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. But the US did not warm to the plan and the concept was shelved. 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. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. [7] The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. China is the. 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. This culminated with the Board's formal recognition if these achievements in March 2008, when the Board of Directors formally adopted the Long Term Strategic Framework (LTSF). 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. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. The 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. To pool together our resources for development is undoubtedly a great act of maturity and wisdom. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. [18], In mid-1997, ADB responded to the financial crisis that hit the region with projects designed to strengthen financial sectors and create social safety nets for the poor. Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. The current president is Masatsugu Asakawa. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. 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. ADB President Masatsugu Asakawa met with representatives of civil society organizations (CSOs) and nongovernment organizations (NGOs). I am delighted to share on ADB support to V20 Initiatives and Partnerships. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. [6], Watanabe served as the first ADB president to 1972. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. When the world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects, especially those promoting the development of domestic energy sources in member countries. It is headquartered in Manila, Philippines. To cover the topic in detail, one needs to know each of the following details mentioned in the article. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. 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. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. 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. 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. During the crisis, ADB approved its largest single loan a $4 billion emergency loan to South Korea. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. : 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). This assurance has been given by the Vice President of the South Asian Region . Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). This page was last edited on 26 February 2023, at 02:25. [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. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. 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. All content is in the public domain unless otherwise stated. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). 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. Read thenews release. The ADB was created to be a financial institution that would be "Asian in character" as it works to . It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. His qualifications, background and experience eminently fit him for his new position. 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. 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. A nominee needs to gain at least half of all votes to become the ADB president. Asian Development Bank is an official United Nations Observer. 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. The President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves.