Takehiko Nakao re-elected president of Asian Development Bank
Takehiko Nakao has been re-elected president of the Asian Development Bank (ADB) for a five-year term starting on 24 November.
He was first elected as president by the ADB’s board of governors in 2013 to serve the three-and-a-half years.
Nakao, the ninth president of the ADB, said: “It is a great honour to receive the mandate of ADB members to serve as president for another five years.
“I will devote myself to continuing to lead ADB to an even more elevated standing as the primary development institution in the region that helps achieve inclusive and sustainable development in Asia and the Pacific.”
During Nakao’s first term, ADB has realigned its strategic priorities through the Midterm Review of Strategy 2020 and increased its lending capacity from $13 billion in 2014 to $20 billion by 2020 through the merger of Asian Development Fund operations with the Ordinary Capital Resources balance sheet.
Under his leadership, the bank has also implemented institutional reforms including delegating more authority to resident missions, streamlining procurement and other procedures, establishing the Office of Public-Private Partnership, and strengthening sector and thematic expertise.
Prior to joining the ADB, Nakao was a senior official at Japan’s Ministry of Finance, where he gained experience in international finance and development.
He also taught international finance as a visiting professor at the University of Tokyo in 2010 and 2011.
Nakao holds a B.A. in Economics from the University of Tokyo and a M.B.A. from the University of California, Berkeley.
The ADB, based in Manila, the capital of the Philippines, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, the ADB is owned by 67 members. In 2015, ADB assistance totalled $27.2 billion, including co-financing of $10.7 billion.
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See also:
Asian Development Bank signs $273m loan to improve India’s rural roads
About Winnie Agbonlahor
Winnie is news editor of Global Government Forum. She previously reported for Civil Service World - the trade magazine for senior UK government officials. Originally from Germany, Winnie first came to the UK in 2006 to study a BA in Journalism & Russian at the University of Sheffield. She is bilingual in English and German, and, after spending an academic year abroad in Russia and reporting for the Moscow Times, Winnie also speaks Russian fluently.
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