Notable projects and technical assistance, Largest countries and regions by subscribed capital and voting power, Joined as "British Hong Kong", not "Hong Kong SAR", United Nations Economic and Social Commission for Asia and the Pacific, Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, Department of Foreign Affairs (Philippines), South Asia Subregional Economic Cooperation, "Masatsugu Asakawa Elected ADB President", "Scholarship Program: List of Academic Institutions", "New ADB President Masatsugu Asakawa Assumes Office", "New ADB President Takehiko Nakao Assumes Office", New ADB President Masatsugu Asakawa Assumes Office', "Environment, Climate Change, and Disaster Risk Management", "Information and Communications Technology", "ADF-OCR Merger to Boost Support for Region's Poor", "Management's Discussion and Analysis and Annual Financial Statements", "Private Sector (Nonsovereign) Financing", "ADB raises $118 million from rupee-linked bonds", "Hairatan to Mazar-i-Sharif railway | Railways of Afghanistan", "Water Supply and Sanitation Sector Project Additional Financing in Armenia: General Procurement Notice | Devex", "Proposed Green Power Development Project in Bhutan | Devex", "Government signs loan agreement with ADB for Rural Roads Sector II Investment ProgramProject 4, Special Content Association Releases ConstructionBiz360", "ADB supports vocational education in Indonesia", "Oudomxay hosts belated opening ceremony for water treatment plant", "Food and Nutrition Social Welfare Programme and Project (Capacity Development Project M&E)", "MalolosClark Railway Project: North-South Commuter Railway, PNR Clark - Phase 2", "Philippines: South Commuter Railway Project", "Pacific banks go branchless to reach the unbanked | Scoop News", "Donor Influence in MDBs: The Case of the Asian Development Bank", "The Asian Development Bank and Food Security", "Inter Press Service News and Views from the Global South", "Large-scale ADB projects draw criticism", "RFI NGO criticises ADB and questions its ability to reduce poverty", (space deliberately omitted after the comma). 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. 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 of this, the Asian countries must turn to each other and to the developed countries of the West for the additional capital they need for their development. Established in 1966, it is owned by 68 members49 from the region. Read thenews release. Prior to joining ADB, he served as Special Advisor to Japans Prime Minister and Minister of Finance, and has a close-to-four decades career at the Ministry of Finance with diverse professional experience that cuts across both domestic and international fronts. The Board of Directors performs its duties full time at the ADB headquarters in Manila, Philippines. To pool together our resources for development is undoubtedly a great act of maturity and wisdom. Japanese presidents Inoue Shiro (197276) and Yoshida Taroichi (197681) took the spotlight in the 1970s. The economic development of the Western Nations of Japan took place under different historical conditions when capitalism was in its primitive and notorious stage and completely indifferent to the human wreckage that it left in its wake. All content is in the public domain unless otherwise stated. The ADB was created to be a financial institution that would be "Asian in character" as it works to . The bank employs about 3,000 people, representing 60 of its 68 members. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. This day marks the beginning of a new era in the solidarity of the region. Activities News Speeches Videos Profile In the case of the Philippines, alone, we have projected our need for foreign investments at more than P3.5 billion over the next three years of a four-year program period. Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). I am delighted to share on ADB support to V20 Initiatives and Partnerships. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. 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. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. The per capital foreign aid to Southeast Asia is only $2.50 while it is $5.90 to Africa and $5 to Latin America. 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. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. He was elected President by the Asian Development Bank's Board of Governors. Asakawa later studied at the Woodrow Wilson School of Public and International Affairs at Princeton University in the United States, graduating with an MPA in 1985.[2]. 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. Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. 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. Asian Development Bank UPSC In the wake of the second oil crisis, ADB expanded its assistance to energy projects. Established in 1966, it is owned by 68 members49 from the region. Asakawa has also worked in various positions in other international agencies. 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. 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. India is one of the founding members of the Asian Development Bank. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Established in 1966, it is owned by 68 members49 from the region. 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. ADB encourages websites and blogs to link to its web pages. A year later, Japanese Prime Minister Nobusuke Kishi announced that Japan intended to sponsor the establishment of a regional development fund with resources largely from Japan and other industrial countries. That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. 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]. President Asakawa also expressed his strong support for the India's G20 presidencys focus on financing for sustainable cities, noting that the Asia and Pacific region will be home to 1 billion additional urban residents by 2050. This Commission of the United Nations brought together Asian governments closer to each other than anything had done before. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. [21], In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the global economic crisis. 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. And I am glad that the non-regional members of the ADB, representing the developed West, are also taking part in this undertaking, ready to share with Asia the experience and the capacities that are the sources of their own development. In conclusion, may I say to the men behind this bank; congratulations and best wishes as you go forth on your historic mission of building a better life for the peoples of Asia. President of the Philippines Real progress can only result from actions within the boundaries of Asia herself, and it is for us Asians to work together for our common good. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. 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. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. India is one of the founding members of the ADB. Explore 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. During the crisis, ADB approved its largest single loan a $4 billion emergency loan to South Korea. The early 2000s saw a dramatic expansion of private sector finance. 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. On this Wikipedia the language links are at the top of the page across from the article title. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. [6] From 31 members at its establishment, ADB now has 68 members. 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. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. His Excellency Ferdinand E. Marcos 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). But all of them are committed," Asian Infrastructure Investment Bank (AIIB) President Jin Liqun told CNN's Becky Anderson in an interview Tuesday at UN climate summit COP27. 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. 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. An absolute delight to interact with young minds; eager, enthusiastic & bright. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. We must at last face the truth that there is no choice for our countries except to cooperate. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. 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. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. The Board of Directors is responsible for the direction of the general operations of the bank. Speech of President Marcos on the Inauguration of Asian Development Bank. 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. The current president is Masatsugu Asakawa. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (20112016). Fujioka Masao, the fourth president (198190), adopted an assertive leadership style, launching an ambitious plan to expand the ADB into a high-impact development agency. 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. Recently, it has been in news due to the loans and financing it provided to India post-Covid. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. 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. [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a young Thai economist, Paul Sithi-Amnuai. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. Executive Director Donald Bobiash and Canada's Ambassador to the Philippines David Hartman, along with other delegates from Canada,joined Governor Sajjan in the meeting. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. The Japanese and the. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. 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 . At present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. On the Inauguration of Asian Development Bank, [Delivered in Makati, Rizal, December 19, 1966], THE ADB: CORNERSTONE OF A NEW LIFE 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. She also appreciated the ADB's support to India's G20 Presidency priorities. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). Carry out investments in the form of loans, grants, and information sharing in infrastructure, health care services, and financial and public administration systems, helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas. A nominee needs to gain at least half of all votes to become the ADB president. [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. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. [5] 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.. ADBs highest policy-making body is the Board of Governors, which comprises one representative from each member nation 48 from the Asia-Pacific and 19 from outside the region. ADB and its role in the world economy; More details on ADB for UPSC IAS exam. The 200% increase is the largest in ADB's history, and was the first since 1994. Managed by ICT Division of the Presidential Communications Office (PCO). We take pride in having played an important role in the organization of the bank, and in having been chosen as the host country for its offices. The president has a term of office lasting five years, and may be reelected. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). For UPSC 2023 preparation, follow BYJU'S. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. The major objectives of the Asian Development Bank are to achieve inclusive, prosperous, suitable and resilient Asia and the Pacific while reducing extreme poverty. He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. 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 UPSC Syllabus explicitly covers all the major financial institutions. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. It is headquartered in Manila, Philippines. Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. 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. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. The battle against climate change will be won or lost in . The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) He also noted that we are comprehensively reviewing options to further optimize ADBs balance sheet, and that we are engaging closely with the ADB Board on this matter. But I believe that in the long run the most lasting effect of this bank would be moral, in the sense that it would help spark in all member countries a new spirit of changeof being able to alter their own environments to make them serve the aims of a better and fuller life in dignity and freedom. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement, while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials. His qualifications, background and experience eminently fit him for his new position. ADB encourages websites and blogs to link to its web pages. 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 his remarks, President Asakawa emphasized that multilateral development banks must continuously evolve and improve to meet the demands of our developing member countries. 20152019: Vice Minister for International Affairs with responsibilities for all international policies of the Japanese Ministry of Finance including G20/IMF issues, foreign exchange rate policy, 20022004: Co-Chair for Board for Co-operation with Non-OECD Economies, 20022004: Co-Chair for Forum on Harmful Tax Practices. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. Then in 2016, in his capacity as Vice Minister of Finance for International Affairs, he took on a leading role for the G7 Finance Ministers and Central Bank Governors meeting in Sendai under the Japanese presidency, where a sustainable and inclusive development agenda was extensively discussed.