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). 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. 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. [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. While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. Asian Development Bank is an official United Nations Observer. As early as 1956, Japan Finance Minister Hisato Ichimada had suggested to United States Secretary of State John Foster Dulles that development projects in Southeast Asia could be supported by a new financial institution for the region. This page was last edited on 24 February 2023, at 14:18. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. India is one of the founding members of the Asian Development Bank (ADB). It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Asian Development Bank and the Government of India signed a $300 million loan as additional financing to scale up the improvement of rural connectivity to help boost the rural economy in the state of Maharashtra. 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. The Asian Development Bank has 68 members. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. ADB encourages websites and blogs to link to its web pages. 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. President of the Philippines The ADB was created to be a financial institution that would be "Asian in character" as it works to . The Board of Directors performs its duties full time at the ADB headquarters in Manila, Philippines. The President | African Development Bank - Building today, a better A brief history of the Asian Development Bank DevelopmentAid ADB President Masatsugu Asakawa met with representatives of civil society organizations (CSOs) and nongovernment organizations (NGOs). His qualifications, background and experience eminently fit him for his new position. Learn more about the Philippine government, its structure, how government works and the people behind it. In a frank and engaging conversation with international broadcast journalist Zeinab Badawi, ADB President Masatsugu Asakawa offered his vision and ideas for change towards a better, greener, more sustainable, and resilient Asia and the Pacific. 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. [43], Since the ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy and staffing decisions. The President congratulated PM Modi for his leadership in handling the COVID-19 pandemic and on India's assumption of the G20 Presidency for 2023. [2] He joined the Ministry of Finance in Japan the same year. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. Our pride must be tempered, however, with the awareness that our participation, and the honor and recognition accorded our country carries with it certain responsibilities. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. Asian Development Bank UPSC: Members & President | ADB UPSC Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. Why Japan Dominates Leadership of Asian Development Bank - CNBC ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. The opening of the ADB proves that the forces working for cooperation and fraternity between nations should never be underestimated. 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. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. Finance Minister Nirmala Sitharaman on Tuesday met Asian Development Bank (ADB) President Masatsugu Asakawa, and acknowledged the swift response and support provided by the institution to all its developing member countries, including India during the Covid-19 pandemic. Official Gazette of the Republic of the Philippines, 63(4), 791-795. ADB has adopted a comprehensive reform road map, featuring a new operating model, to accelerate its transformation and more effectively serve the rapidly changing needs of its developing member countries in Asia and the Pacific. It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. He was elected President by the Asian Development Bank's Board of Governors. I am delighted to share on ADB support to V20 Initiatives and Partnerships. 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 1999, ADB adopted poverty reduction as its overarching goal.[18]. 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). The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) ADB President Masatsugu Asakawa on 18 February delivered akeynote messageduring ESCAP's High-Level Dialogue themed, Shaping the Future of Regional Cooperation in Asia and the Pacific.. COMMITMENT AGAINST POVERTY, IGNORANCE AND DISEASE. 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The recognition of this necessity is an act of maturity and wisdom. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. The bank employs about 3,000 people, representing 60 of its 68 members. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. 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. Preparation App. Jin Liqun Reelected President of AIIB - News - AIIB 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). For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. 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. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank. Sitharaman meets Asian Development Bank President, lauds support to The Board (i) takes decisions concerning policies of the bank, and loans, guarantees, investments and technical assistance by the bank, (ii) approves borrowings by the bank, (iii) clears the financial accounts of the bank for approval by the Board of Governors, and (iv) approve the budgets of the bank. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. For the Philippines, the creation of the Asian Development Bank is specially significant. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. He served as visiting professor at the Graduate School of Economic Science, Saitama University in Tokyo from 2006 to 2009,[2] and at the Graduate School of Arts and Sciences, University of Tokyo from 2012 to 2015. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. Under Mr. Asakawas leadership, ADB made significant contributions to the regions COVID-19 pandemic response and recovery planning with a $20 billion comprehensive response package and $9 billion Asia Pacific Vaccine Access Facility. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). As I have told the Asian Labor Ministers Conference just ended in Manila, the Asian Nations today are in the position of being required to wage an industrial revolution without exploitation, no nation today is permitted to suspend human rights in deference to an urgent period of economic development. Asian Development Bank is a regional development bank, established in December 1966. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? Between 1989 and 1992 Asakawa was seconded by the Japanese Ministry of Finance to serve as an Executive Assistance to the fifth president of the Asian Development Bank, Kimimasa Tarumizu, in Manila. 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. The major objectives of the Asian Development Bank are to achieve inclusive, prosperous, suitable and resilient Asia and the Pacific while reducing extreme poverty. The 200% increase is the largest in ADB's history, and was the first since 1994. For UPSC 2023 preparation, follow BYJU'S. 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. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. Speaking at the International Anticorruption Day celebration on 9 December 2022 President Masatsugu Asakawa reminded ADB personnel that in upholding the highest ethical standards, we are trustworthy, transformational, and client-centric. ADB encourages websites and blogs to link to its web pages. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. Some of his outstanding achievements in Osaka include the endorsement by the G20 Leaders of the G20 Principles for Quality Infrastructure Investment and the G20 Shared Understanding on the Importance of UHC Financing in Developing Countries. At present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. One of the most active sub-sectors of finance is the PSOD's support for trade finance. 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]. Takehiko Nakao | World Bank Live 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. The roles and functions of the Asian Development Bank are: Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADBs Board of Directors. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. 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. [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. Allow me to congratulate the members of 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. But it is also a tribute to the perfectibility of human cooperation in general, in spite of the vast differences that separate us culturally and politically. They discussed Canadas new Indo-Pacific Strategy and possible collaboration with FinDev, Canadas development finance institution. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. [18], Early loans went largely to Indonesia, Thailand, Malaysia, South Korea and the Philippines; these nations accounted for 78.48% of the total ADB loans between 1967 and 1972. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. President of the Philippines On the Inauguration of Asian Development Bank [Delivered in Makati, Rizal, December 19, 1966] THE ADB: CORNERSTONE OF A NEW LIFE IN ASIA The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. (Charter. ADB joined with key partners in Indonesia to sign a memorandum of understanding to jointly explore the early retirement of the first coal-fired power plant owned by an independent power producer under ADBs Energy Transition Mechanism. 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. It is headquartered in Manila, Philippines. We also recognize the potential complementarities in our different development programs which can be approached so as to lessen costs and increase the benefits available to the nations concerned. 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. China is 'committed to net zero,' head of top Asian development bank [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. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. 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. 65). The Governor thanked the President for ADBs continued strong partnership with Mongolia, recognizing ADB as the leading development financier, including ADBs critical support during the COVID-19 pandemic. 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. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. This event is a hopeful sign that once the energies of nations are directed towards peace and progress, the old narrow limits of possible attainment are soon surpassed. The group met regularly in 1963, examining various scenarios for setting up a new institution and drew on Watanabe's experiences with the World Bank. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. 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. Speech ADB responded to this with loans and grants that encouraged economic growth. 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. Progress is not merely a matter of advice and encouragement or external aid. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. See: Rules of Procedure of the Board of Directors of ADB. He joined ADB on 12 December 2018. . Masatsugu Asakawa | Asian Development Bank ADB partners with other development organizations on some projects to increase the amount of funding available.
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