Monday, 20 September, 2021

Market Digest

ADB chief Asakawa re-elected for second term

  • Diplomatic Correspondent
  • 2 September, 2021 12:00 AM
  • Print news

Asian Development Bank (ADB) President Masatsugu Asakawa is going to serve the international lender for a second consecutive term in the position.

He received unanimous support in this regard from the members of ADB’s Board of Governors in a recent voting.

Asakawa’s new term will run for another five years beginning from 24 November 2021, said the ADB on Wednesday.

Asakawa was first elected as ADB’s 10th president on 30 November 2019 and assumed the position on 17 January 2020, serving the remaining term of his predecessor, Takehiko Nakao.

“My vision for the upcoming term is for ADB to serve as the premier development institution for Asia and the Pacific as it supports its developing member countries (DMCs) in recovering from the coronavirus disease (COVID-19) pandemic on a renewed path toward the prosperous, inclusive, resilient, and sustainable future we envisioned in our Strategy 2030,” said Asakawa.

Since taking office in January 2020, ADB has made significant contributions to the region’s COVID-19 pandemic response and recovery planning with a $20 billion comprehensive response package and $9 billion Asia Pacific Vaccine Access Facility.

In September 2020, ADB also concluded a successful replenishment of more than $4 billion for its Asian Development Fund and Technical Assistance Special Fund, which provide critical grant resources for vulnerable DMCs. Prior to joining ADB in 2019, Asakawa was the Special Advisor to Japan’s Prime Minister and Minister of Finance.

He has a span of around four decades of career at the Ministry of Finance, where he gained extensive and diverse experience in international finance and development.

Asakawa also successfully led international taxation discussions including Base Erosion Profit Shifting project as Chair for Committee on Fiscal Affairs in the Organization for Economic Co-operation and Development from 2011 to 2016.

Born in 1958, Asakawa holds a Bachelor of Arts from the University of Tokyo and a Master in Public Affairs from Princeton University. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.  Established in 1966, it is owned by 68 members—49 from the region.