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. 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. 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. Interview with Takehiko Nakao, president, Asian Development Bank - YouTube It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. He joined ADB on 12 December 2018. . The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. 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. On the Inauguration of Asian Development Bank, [Delivered in Makati, Rizal, December 19, 1966], THE ADB: CORNERSTONE OF A NEW LIFE 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.. India is one of the founding members of the ADB. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. ASIAN DEVELOPMENT BANK (ADB) President Masatsugu Asakawa has been reelected to head the multilateral bank for the next five years and vowed to help the Asia and the Paci fi c region bounce back from the pandemic.. Mr. Asakawa will start his second term on Nov. 24 after a unanimous vote from the ADB Board of Governors. 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. Speech of President Marcos on the Inauguration of Asian Development Bank Finance Sector Development The financial system is the lifeline of a country's economy. Why Japan Dominates Leadership of Asian Development Bank - CNBC [34], ADB obtains its funding by issuing bonds on the world's capital markets. 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 President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. United Nations Environment Programme Finance Initiative. : The President, Asian Development Bank, Mr. Takehiko Nakao calls on the Prime Minister, Shri Narendra Modi, in New Delhi on February 05, 2015.jpg Licensing This file is a copyrighted work of the Government of India, licensed under the Government Open Data License - India (GODL). They discussed Canadas new Indo-Pacific Strategy and possible collaboration with FinDev, Canadas development finance institution. 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. 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. [5] The former ADB president, Takehiko Nakao, announced that he would retire as ADB president on 16 January 2020 so Asakawa took up his position as ADB president on 17 January 2020. The UPSC Syllabus explicitly covers all the major financial institutions. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. 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. The Asian Development Bank has 68 members. 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. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. 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. Two of the USState Departments 2021 Anticorruption Champions ProTenge.KZ Founder Jamilya Maricheva and Anti-Corruption Organization of Thailand Executive Committee Member Torplus Yomnak and former Undersecretary General for UN Internal Oversight Services Heidi Mendoza shared their experiences and insights at a session onBuilding Trust, Igniting Integrity: Sustaining relationships in rebuilding Asia and the Pacific. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. 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). At present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. [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. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. 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. It may not be inappropriate, therefore, as someone has suggested, to call it a sort of World Bank for Asia.. [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. We know, however, the proximate causes of the success of this great idea of the ADB. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. : The President, Asian Development Bank, Mr. Takehiko Nakao calls on the Prime Minister, Shri Narendra Modi, in New Delhi on February 05, 2015.jpg Licensing[edit] This file is a copyrighted work of the Government of India, licensed under the Government Open Data License - India (GODL). The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. He was elected President by the Asian Development Bank's Board of Governors. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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. Hence, with the vast majority of loans going to concessionary (sub-market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses. The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2020. For UPSC 2023 preparation, follow BYJU'S. We shall meet these responsibilities. 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. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . 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. To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. To pool together our resources for development is undoubtedly a great act of maturity and wisdom. 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. (Charter. ADB announced plans to provide at least $14 billion over 20222025 in a comprehensive program of support to ease a worsening food crisis in Asia and the Pacific, and improve long-term food security. [18], Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and the Pacific. Learn more about the Philippine government, its structure, how government works and the people behind it. 1977 (reprinted 2010). Established in 1966, it is owned by 68 members49 from the region. This page was last edited on 26 February 2023, at 02:25. Skills Development Project | Asian Development Bank The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. It would help you to prepare for the upcoming UPSC exam. 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. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. IN ASIA. Regional Cooperation and Integration Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. 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%). The ADB has been accused by civil society of ignoring warnings leading up the crisis and also contributing to it by pushing loan conditions that many say unfairly pressure governments to deregulate and privatize agriculture, leading to problems such as the rice supply shortage in Southeast Asia.[60]. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. [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 interest and participation in this new institution of countries outside the ECAFE region is an indubitable proof of the vision and statemanship of leading countries outside this continent. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. World Bank to provide US$ 1.5 b over next two years It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. He was elected President by the Asian Development Bank's Board of Governors. (They are Afghanistan, Australia, Cambodia, Ceylon, Nationalist China, India, Iran, Japan, Korea, Laos, Malaysia, Nepal, New Zealand, Pakistan, The Philippines, Singapore, South Vietnam, Thailand and West Samoa. She also appreciated the ADB's support to India's G20 Presidency priorities. President Asakawa conveyed ADBs intention to provide $20 billion -$25 billion resources over 5 years to advance the countrys aspirations for fast, inclusive, and green growth. In this conversation with international broadcaster Zeinab Badawi, ADB President Masatsugu Asakawa shares his thoughts on the pandemic situation, including how he envisages the recovery of the Asia and the Pacific region. Private Sector Lending This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. Development finance in Asia: a memoir | Lowy Institute As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. 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. 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). At the time, Asia was one of the poorest regions in the world. I am delighted to share on ADB support to V20 Initiatives and Partnerships. Structure and Functions of Asian Development Bank (ADB) 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. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. 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. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. The president has a term of office lasting five years, and may be reelected. After he took over, ADB made significant contributions to the regional response to the COVID-19 pandemic by providing a $20 million package and a $9 billion Asia Pacific Vaccine Facility. 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. 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. Based on a new policy, both types of loans will be sourced starting January 2017 from the bank's ordinary capital resources (OCR), which functions as its general operational fund.[33]. The result was to expand the OCR balance sheet to permit increasing annual lending and grants to $20 billion by 2020 50% more than the previous level. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. CNBC Transcript: Takehiko Nakao, President, Asian Development Bank The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) The President of ADB chairs the Board of Directors. This assurance has been given by the Vice President of the South Asian Region . The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. Before these, he had occupied various prominent positions within the Finance Ministry, including director positions in charge of development policy issues, foreign exchange markets, and international tax policy. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. [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. 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. To download the Asian Development Bank UPSC Notes PDF, click here. 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. 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. Despite an initial mixed reaction, support for the establishment of a new bank soon grew. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. The Japanese and the. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. The President | African Development Bank - Building today, a better He was elected President by ADB's Board of Governors and assumed office in April 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. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). 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. He was first elected to the position on May 28, 2015 by the Bank's Board of Governors at its Annual Meetings held in Abidjan, Cte d'Ivoire. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. This is the foreign exchange gap involved in economic modernization and the raising of productivity. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. 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. 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. [18], In 2020, ADB gave a $2 million grant from the Asia Pacific Disaster Response Fund, to support the Armenian government in the fight against the spread of COVID-19 pandemic. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. [58][59], The bank has been criticized over its role and relevance in the food crisis. 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. Marcos, F. E. (1966). Recently, it has been in news due to the loans and financing it provided to India post-Covid. Managing Director General, Office of the President, Asian Development Bank . [35], ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. 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).
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