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. He was elected as ADB's 10 th president on November 2019 and assumed the . 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. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). : 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). Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). On this Wikipedia the language links are at the top of the page across from the article title. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. He is responsible for the organization, appointment and dismissal of the officers and staff in accordance with regulations adopted by the Board of Directors. 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. [5] The former ADB president, Takehiko Nakao, announced that he would retire as ADB president on 16 January 2020 so Asakawa took up his position as ADB president on 17 January 2020. 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. In August 2021, he was reelected for a 5-year term starting on 24 November 2021. [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. He also played a key role in rolling out a series of new and innovative financing initiativesincluding an Energy Transition Mechanism to spur the regions low-carbon development and elevated ADBs 2030 cumulative climate financing ambition to $100 billion as ADB continues to focus on the battle against climate change. Because it will be mainly managed by Asians, and staffed by Asian experts, the ADB would be to orient itself to the peculiar needs and requirements of the Asian countries. "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. 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." The Asian Development Bank supports the projects in developing member countries that create development, and economic impact, which is delivered through both public and private sector operations, knowledge support, and advisory services. History of ADB. Asian Development Bank UPSC: Members & President | ADB UPSC This Commission of the United Nations brought together Asian governments closer to each other than anything had done before. 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. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. 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. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. 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. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. File:The President, Asian Development Bank, Mr. Takehiko Nakao.jpg President Asakawa conveyed ADBs intention to provide $20 billion -$25 billion resources over 5 years to advance the countrys aspirations for fast, inclusive, and green growth. We know, however, the proximate causes of the success of this great idea of the ADB. Although he initially declined, pressure came from other countries and Watanabe agreed. Preparation App. He joined ADB on 12 December 2018. . 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]. In his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. India is one of the founding members of the Asian Development Bank. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. 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. ADB and its role in the world economy; More details on ADB for UPSC IAS exam. The President of ADB chairs the Board of Directors. 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. Sitharaman meets Asian Development Bank President, lauds support to [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. [35], ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. 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. [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. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. The Board of Directors is responsible for the direction of the general operations of the bank. His Excellency Ferdinand E. Marcos ADB is a multilateral development bank with headquarters in Manila, resident missions across the Asia and Pacific region, and representative offices in Tokyo, Frankfurt, and Washington, DC. 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 president has a term of office lasting five years, and may be reelected. Masatsugu Asakawa - Wikipedia [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. Skills Development Project | Asian Development Bank ADB encourages websites and blogs to link to its web pages. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. 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. India is one of the founding members of the ADB. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. 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 ADBs Board of Governors and assumed office on 17 January 2020. More than 50 financing partnership facilities, trust funds, and other funds totalling several billion each year are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. The current president is Masatsugu Asakawa. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. 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). 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. This is not only because most Asian countries lack the capital and the means of development. 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. 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. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. I have no doubt in my mind that these problems will be solved in no time. 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. This page was last edited on 24 February 2023, at 14:18. 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. 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. An expert group was convened to study the idea, with Japan invited to contribute to the group. See: Rules of Procedure of the Board of Directors 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. (Charter. 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. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. Keynote address by Masatsugu Asakawa,President, Asian Development Bank, at the 21st Ministerial Conference of Central Asia Regional Economic Cooperation (CAREC) Program, 24 November 2022, SpeechbyMasatsugu Asakawa,President,ADB, at the Indonesia Energy Transition Mechanism (ETM) Country Platform launch, 14November 2022 inBali, Indonesia, Keynote address byMasatsugu Asakawa,President,Asian Development Bank, at the Business 20 (B20) Summit dialogue forum of the G20, 13 November 2022 inBali, Indonesia, Speech byMasatsugu Asakawa, President, Asian Development Bank,at the 14th IMT-GT Summit, Phnom Penh, Cambodia, 10 November 2022, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session (Part II), at the 55th Annual Meeting, 27 September2022, Opening statement byMasatsugu Asakawa, President, Asian Development Bank, to press conferenceat the 55th Annual Meeting, 27 September2022, Speech by Masatsugu Asakawa, President, Asian Development Bank, at the G20 2022 Ministerial Symposium on Tax and Development, 14 July 2022, Bali, Indonesia, Keynote address by Masatsugu Asakawa, President, Asian Development Bank, at the Sydney Energy Forum, 12 July 2022, Sydney, Australia, Keynote speech byMasatsugu Asakawa, President, Asian Development Bank, at the 2022 Global Meeting of the Emerging Markets Forum, 18 May 2022, Paris, France, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session, at the 55th Annual Meeting, 5 May 2022.
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