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. 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. History of 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. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Watanabe, Takeshi. To download the Asian Development Bank UPSC Notes PDF, click here. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) 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]. 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]. [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. Asakawa has also worked in various positions in other international agencies. 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]. ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. 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). 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. [55], Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. That document formally stated that assistance to private sector development was the lead priority of the ADB and that it should constitute 50% of the bank's lending by 2020. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. 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%). It will help prepare technical studies and proposals for loans among the member countries or governments. Article 31), The 12 Directors of the ADB Board of Directors are elected by the Board of Governors. [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. 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. 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: [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. The President of ADB chairs the Board of Directors. 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. ADB President Masatsugu Asakawa reiterated the banks commitment to strengthening its partnership with Armenia in a virtual meeting with Deputy Prime Minister of Armenia Mher Grigoryan. ADB responded to this with loans and grants that encouraged economic growth. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. To cover the topic in detail, one needs to know each of the following details mentioned in the article. William R. Thomson, the former Vice President at the Asian Development Bank (ADB), will join Global Bank as Senior Advisor to the President, Ron Nechemia, and as a member of the Global Bank. The ADB was created to be a financial institution that would be "Asian in character" as it works to . ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. [6] From 31 members at its establishment, ADB now has 68 members. 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. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. President of the Philippines ADB and its role in the world economy; More details on ADB for UPSC IAS exam. [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. 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. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. After he took over, ADB made significant contributions to the regional response to the COVID-19 pandemic by providing a $20 million package and a $9 billion Asia Pacific Vaccine Facility. 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. The major objectives of the Asian Development Bank are to achieve inclusive, prosperous, suitable and resilient Asia and the Pacific while reducing extreme poverty. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. ', 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. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. 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. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. [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. This is the foreign exchange gap involved in economic modernization and the raising of productivity. President Jin's second five-year term will begin Jan. 16, 2021. 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. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. 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. 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. For the Philippines, the creation of the Asian Development Bank is specially significant. Read Biography News 1 of 76 next Videos Today, we are inaugurating the bank. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. At this juncture, I should like to congratulate the Board of Governors of the Asian Development Bank for taking a very wise, healthy and practical step in inviting other members and associate members of ECAFE and other non-regional developed countries which are members of the United Nations or any of its specialized agencies, that have not yet joined the bank, to join it. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). 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. He joined ADB on 12 December 2018. . [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. The bank employs about 3,000 people, representing 60 of its 68 members. Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank. ADB President Masatsugu Asakawa met with representatives of civil society organizations (CSOs) and nongovernment organizations (NGOs). In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. This page was last edited on 24 February 2023, at 14:18. 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. Asian Development Bank is an official United Nations Observer. Chen was World Bank's Executive Director for the PRC from 2013 to 2016 and a Board Director for the PRC in the New Development Bank and the Asian Infrastructure Investment Bank from 2016 to 2018. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. Marcos, F. E. (1966). He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. [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.
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