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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. Follow us on Facebook, Twitter, Instagram, and LinkedIn. 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 current president is Masatsugu Asakawa. "[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. [6][7] In the first instance, Asakawa was expected to serve out the remainder of the five-term presidential term which Nakao began in November 2016. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. Be updated with the ADB President's activities on Takehiko Nakao's Flickr page. 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. Recently, it has been in news due to the loans and financing it provided to India post-Covid. President Jin's second five-year term will begin Jan. 16, 2021. ADB encourages websites and blogs to link to its web pages. The policy calls for accountability and transparency in operations and the timely response to requests for information and documents. William R. Thomson, the former Vice President at the Asian Development Bank (ADB), will join Global Bank as Senior Advisor to the President, Ron Nechemia, and as a member of the Global Bank. As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. We Asians are, therefore, particularly happy about the keen interest shown by the countries outside the ECAFE region to help foster economic growth and cooperation in the region, of Asia and the Far East and contribute to the acceleration of the process of economic development of the developing countries in the region.. Asian Development Bank UPSC The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. 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. 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%). 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. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. An absolute delight to interact with young minds; eager, enthusiastic & bright. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. 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. Established in 1966, it is owned by 68 members49 from the region. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. The Board of Directors performs its duties full time at the ADB headquarters in Manila, Philippines. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. 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. 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. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. [7] The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. His Excellency Ferdinand E. Marcos 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). The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) Asian Development Bank was established on 19th December 1966, and it had 31 members at first. Indonesia and the Asian Development Bank: Fifty Years of Partnership, International development and investment banks, European Bank for Reconstruction and Development, International Bank for Reconstruction and Development, BrazilRussiaIndiaChinaSouth Africa (BRICS), IndiaBrazilSouth Africa Dialogue Forum (IBSA), New World Information and Communication Order, United Nations Conference on Trade and Development, United Nations Industrial Development Organization, Community of Latin American and Caribbean States, South Atlantic Peace and Cooperation Zone, South Asian Association for Regional Cooperation, African, Caribbean and Pacific Group of States, Western and Central Pacific Fisheries Commission (WCPFC), https://en.wikipedia.org/w/index.php?title=Asian_Development_Bank&oldid=1141643561, United Nations General Assembly observers, Intergovernmental organizations established by treaty, Official website different in Wikidata and Wikipedia, Creative Commons Attribution-ShareAlike License 3.0, Environment, Climate Change, and Disaster Risk Management . Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? India is one of the founding members of the Asian Development Bank (ADB). The Asian Development Bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. One of the most active sub-sectors of finance is the PSOD's support for trade finance. 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. [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. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. Authorization Method & Scope Established in 1966, it is owned by 68 members49 from the region. 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. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. The 200% increase is the largest in ADB's history, and was the first since 1994. The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty in the region. IN ASIA. The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. India is one of the founding members of the ADB. His qualifications, background and experience eminently fit him for his new position. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. [63] The year after a member's name indicates the year of membership. Managing Director General, Office of the President, Asian Development Bank . We know, however, the proximate causes of the success of this great idea of the ADB. (Charter. 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. At the G20 Finance Ministers and a Central Bank Governors (FMCBG) meeting on February 24-25 2923, President Masatsugu Asakawa made one of the lead interventions in the session focusing on international financial architecture, sustainable finance and infrastructure. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. [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. 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]. The Board of Directors is responsible for the direction of the general operations of the bank. 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. The regional Asian Development Bank members are: Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, Cook Islands, Federated States of Micronesia, Fiji, Georgia, Hong Kong, China, India, Indonesia, Japan, Kazakhstan, Kiribati, Kyrgyz Republic, Lao Peoples Democratic Republic, Malaysia, Maldives, Marshall Islands, Mongolia, Myanmar, Nauru, Nepal, New Zealand, Niue, Pakistan, Palau, Papua New Guinea, Peoples Republic of China, Philippines, Republic of Korea, Samoa, Singapore, Solomon Islands, Sri Lanka, Taipei, China, Tajikistan, Thailand, Timor-Leste, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, and Viet Nam. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. [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. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. 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. By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the special funds. When the world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects, especially those promoting the development of domestic energy sources in member countries. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. [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. The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. 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. But the most important efforts in this direction must come, not from outside the region but from within. Although he initially declined, pressure came from other countries and Watanabe agreed. 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. The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions. 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. Watanabe, Takeshi. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. 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. Established in 1966, it is owned by 68 members49 from the region. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. The Japanese and the. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. 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. 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. [55], Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka's development reforms program. In contrast, the United States contributed only $1.25 million to the special fund. 20112016: Chair for Committee on Fiscal Affairs. In 1982, ADB opened its first field office, in Bangladesh, and later in the decade, it expanded its work with non-government organizations (NGOs).[18]. "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. 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]. 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. 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 group met regularly in 1963, examining various scenarios for setting up a new institution and drew on Watanabe's experiences with the World Bank. [6], Watanabe served as the first ADB president to 1972. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. [5] The battle against climate change will be won or lost in . 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. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. Regional Cooperation and Integration Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. It is headquartered in Manila, Philippines. To cover the topic in detail, one needs to know each of the following details mentioned in the article. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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." Along with this, one needs to practice the UPSC Previous Year Questions. Asian Development Bank is a regional development bank, established in December 1966. The opening of the ADB proves that the forces working for cooperation and fraternity between nations should never be underestimated. Masahiro Kawai, dean of the Asian Development Bank Institute, a Tokyo-based think tank founded by the ADB, said . I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. It is headquartered in Manila, Philippines. The bank employs about 3,000 people, representing 60 of its 68 members. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. On the Inauguration of Asian Development Bank, [Delivered in Makati, Rizal, December 19, 1966], THE ADB: CORNERSTONE OF A NEW LIFE 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). China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. Considering that the tensions in Asia remain the gravest menace to world peace, the opening of this great bank directed to the deepest causes of such tensionsmass poverty, ignorance and disease, becomes all the more encouraging and reassuring for mankind. 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. The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. The ADB only yesterday was but an inspired vision. [1] He was formerly special adviser to Shinzo Abe, prime minister of Japan, and to Taro Aso, the deputy prime minister of Japan and minister of finance. 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.