Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. 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. I have no doubt in my mind that these problems will be solved in no time. Finance Sector Development The financial system is the lifeline of a country's economy. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. Skills Development Project | Asian Development Bank Asian Development Bank - Wikipedia None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. Watanabe, Takeshi. About Asian Development Bank | Flickr In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. 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). Managing Director General, Office of the President, Asian Development Bank . As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. 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 President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. Why Japan Dominates Leadership of Asian Development Bank - CNBC 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. The major objectives of the Asian Development Bank are to achieve inclusive, prosperous, suitable and resilient Asia and the Pacific while reducing extreme poverty. I can see a salutary effect arising from this. Masatsugu Asakawa - Wikipedia The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. 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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%). The president has a term of office lasting five years, and may be reelected. 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. To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (20112016). The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. File : The President, Asian Development Bank, Mr. Takehiko Nakao.jpg See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. President of Asian Development Bank [ edit] 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. 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. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. World Bank to provide US$ 1.5 b over next two years 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. 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." 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. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. [2] He joined the Ministry of Finance in Japan the same year. 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. [18], In December 2005, China donated $20 million to the ADB for a regional poverty alleviation fund; China's first such fund set up at an international institution. We must at last face the truth that there is no choice for our countries except to cooperate. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. Today, most of our countries, irrespective of our stages of development and political beliefs, are signatories to covenants and conventions under the United Nations which bind us to accord to workers the freedom of organization and collective bargaining and the protection of various labor laws. It will help prepare technical studies and proposals for loans among the member countries or governments. The economic development of the Western Nations of Japan took place under different historical conditions when capitalism was in its primitive and notorious stage and completely indifferent to the human wreckage that it left in its wake. United Nations Environment Programme Finance Initiative. Authorization Method & Scope In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. To cover the topic in detail, one needs to know each of the following details mentioned in the article. [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. 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. 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. [7] The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. Speech of President Marcos on the Inauguration of Asian Development Bank. 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. 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. 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. 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. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. 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. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. 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. Statement delivered by Mr. Woochong Um, Managing Director General "[56] The bank also received criticism from the United Nations Environmental Program, stating in a report that "much of the growth has bypassed more than 70 percent of its rural population, many of whom are directly dependent on natural resources for livelihoods and incomes. Asian Development Bank UPSC For UPSC 2023 preparation, follow BYJU'S. IN ASIA. 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. Follow us on Facebook, Twitter, Instagram, and LinkedIn. Activities News Speeches Videos Profile Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. 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. 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. 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. The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia . : 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). His Excellency Ferdinand E. Marcos 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. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. He was elected President by the Asian Development Bank's Board of Governors. 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. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn William R. Thomson, Former Vice President for the Asian Development The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. The President of ADB chairs the Board of Directors. What will make the burden of Mr. Watanabe lighter is the fact that he has a board composed of knowledgeable men and experts in their own fields. 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). Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. 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. He was instrumental in orchestrating a globally coordinated financial package to abate the financial crisis, including a $100 billion loan from Japan to the International Monetary Fund (IMF). ADB encourages websites and blogs to link to its web pages. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. [23], The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and "soft" loans with lower interest rates to poorer countries in the region. 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. 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 1 March 2022 met with Canadas Minister of International Development and ADB Governor Harjit S. Sajjan and Member of Parliament, Mississauga-Streetsville, Rechie Valdez in ADB headquarters. 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]. Hence, with the vast majority of loans going to concessionary (sub-market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. 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. 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. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. [13] In contrast, the United States contributed only $1.25 million to the special fund. 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. 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. Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. Asian Development Bank is an official United Nations Observer. 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. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. Asian Development Bank UPSC Preparation App. "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. 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. Asian Development Bank President (1966 to 2022) Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. [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. 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. 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. 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. 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). Along with this, one needs to practice the UPSC Previous Year Questions. It is headquartered in Manila, Philippines. The bank employs about 3,000 people, representing 60 of its 68 members. The President Dr. Akinwumi A. Adesina is the 8th elected President of the African Development Bank Group. 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. [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. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. 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. 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]. Authorization Method & Scope 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. 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. 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. [8] ADB is an official United Nations Observer. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. It may not be inappropriate, therefore, as someone has suggested, to call it a sort of World Bank for Asia.. Jin Liqun has been elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the Bank's Board of Governors. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. [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. White Revolution: Meaning, Short Note | Operation Flood, IUCN Red List: Categories, Critically Endangered Species in India, Representation of Peoples Act: Salient Features, RPA 1951 UPSC, Roles and Functions of Asian Development Bank, Biosphere Reserves in India Notes for UPSC Exam, BYJU'S Exam Prep: The Exam 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. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. Two of the USState Departments 2021 Anticorruption Champions ProTenge.KZ Founder Jamilya Maricheva and Anti-Corruption Organization of Thailand Executive Committee Member Torplus Yomnak and former Undersecretary General for UN Internal Oversight Services Heidi Mendoza shared their experiences and insights at a session onBuilding Trust, Igniting Integrity: Sustaining relationships in rebuilding Asia and the Pacific.

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