The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. Managed by ICT Division of the Presidential Communications Office (PCO). [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. 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. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. He was elected President by the Asian Development Banks Board of Governors. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. 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. of For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. 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. 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). In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its "nonsovereign" operations. I have no doubt in my mind that these problems will be solved in no time. What Is the Asian Development Bank? - Investopedia 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. 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. At the time, Asia was one of the poorest regions in the world. Explore This page was last edited on 26 February 2023, at 02:25. The current president is Masatsugu Asakawa. Download ADB notes PDF for civil services exam. ADB responded to this with loans and grants that encouraged economic growth. 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. Asian Development Bank - Wikipedia ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. (UPSC 2022). The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). It is headquartered in Manila, Philippines. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . ADB's$9 billion COVID-19 vaccine initiative, the Asia Pacific Vaccine Access Facility,or APVAX, willprovidea comprehensive program to support developing Asia and the Pacifics vaccine process. On this Wikipedia the language links are at the top of the page across from the article title. Sitharaman meets Asian Development Bank President, lauds support to 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. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? A brief history of the Asian Development Bank DevelopmentAid 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. China is the. 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. Managing Director General, Office of the President, Asian Development Bank . [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. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. More than 50 financing partnership facilities, trust funds, and other funds totalling several billion each year are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. [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. 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. 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. 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. COMMITMENT AGAINST POVERTY, IGNORANCE AND DISEASE. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. [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. Although he initially declined, pressure came from other countries and Watanabe agreed. In the immediate aftermath of the Global Financial Crisis, Mr. Asakawa, in his capacity as Executive Assistant to Prime Minister Taro Aso, took part in the first G20 Leaders Summit Meeting in November 2008. [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. 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. One of the most active sub-sectors of finance is the PSOD's support for trade finance. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. 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. 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. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. 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. [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. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. 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. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by United States President Lyndon B. Johnson in the wake of the escalating U.S. military support for the government of South Vietnam. 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. Allow me to congratulate the members of the board of directors. The Asian Development Bank is an important topic for both the Prelims and Mains. He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. Asian Development Bank | Familypedia | Fandom Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. 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 . They discussed a range of issues,including ADB support to Indias infrastructure and social development and climate actions, scaling up ADB assistance to meet the countrys priority development needs, and ADBs country partnership strategy for India, 20232027. Home About ADB Organization Transparency Operational Priorities Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn Recently, it has been in news due to the loans and financing it provided to India post-Covid. 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. (Charter. 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. 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). 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. 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. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. 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. [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. 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. (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. 1977 (reprinted 2010). Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. : 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). "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. The headquarter of the Asian Development Bank is in Manila, Philippines. Asian Development Bank (ADB) - Key Facts for UPSC - BYJUS They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. 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.. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. . See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. China is 'committed to net zero,' head of top Asian development bank Asian Development Bank is an official United Nations Observer. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. Regional Cooperation and Integration Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. Masatsugu Asakawa - Wikipedia Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. We must at last face the truth that there is no choice for our countries except to cooperate. To cover the topic in detail, one needs to know each of the following details mentioned in the article. The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966,[4] which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. This page was last edited on 24 February 2023, at 14:18. We know, however, the proximate causes of the success of this great idea of the ADB. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. Asian Development Bank UPSC: Members & President | ADB UPSC 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]. Private Sector Lending This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. Asian Development Bank (ADB) - ClearIAS The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. The president has a term of office lasting five years, and may be reelected. Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. The bank employs about 3,000 people, representing 60 of its 68 members. 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, President Asakawa, Canadian delegates discuss joint action on shared goals, President Asakawa, ADB Governor for Mongolia discuss development agenda and country partnership strategy priority areas, President Asakawa highlights ADBs ongoing evolution to address shared global challenges at G20 meeting, President Asakawa proposes up to $25 billion support to India's development priorities, President Asakawa calls for upholding integrity to embody ADB values at the International Anticorruption Day, 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, $20 billion comprehensive response package, $9 billion Asia Pacific Vaccine Access Facility, ADBs 2030 cumulative climate financing ambition to $100 billion. An absolute delight to interact with young minds; eager, enthusiastic & bright. In 2003, the severe acute respiratory syndrome (SARS) epidemic hit the region and ADB responded with programs to help the countries in the region work together to address infectious diseases, including avian influenza and HIV/AIDS. The bank will also help redress the imbalance in foreign exchange prevailing in most Asian countries estimated at from 600 million to one billion dollars. 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. Authorization Method & Scope The battle against climate change will be won or lost in . I can see a salutary effect arising from this. It is a recognition of the stability of our political structure, the soundness of our social and economic institutions and the ability of our people. Asian Development Bank is a regional development bank, established in December 1966. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. 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. [5] He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. President Jin's second five-year term will begin Jan. 16, 2021. He was elected President by the Asian Development Bank's Board of Governors. The ADB only yesterday was but an inspired vision. ', https://en.wikipedia.org/w/index.php?title=Masatsugu_Asakawa&oldid=1141328419, 20002002: Regional Financial Cooperation Division, International Bureau, 20022004: International Tax Policy Division, Tax Bureau, 20042006: Foreign Exchange Markets Division, 20072008: Director for Co-ordination Division, International Bureau, 20092013: Deputy Vice Minister for International Affairs, 20122013: Senior Deputy Director-General, International Bureau and Executive Assistant to Deputy Prime Minister and Finance Minister, Ministry of Finance, 20132014: Deputy Vice Minister for Policy Planning and Co-ordination, 20142015: Director-General of the International Bureau. I am aware that the Bank will, at this initial stage of its existence, have to face and solve some difficult problems, such as the formulation of policies concerning loans, investment, guarantees and other related problems, not to mention the problems of administration and appointing the right people to the right positions and getting them from as many member countries as possible. 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). 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. 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. List of Presidents of Asian Development Bank: (1966-2022) Name: Tenure period: Country: Takeshi Watanabe: 1966-1972 : Japan: Shiro Inoue: 1972-1976: Japan: Taroichi Yoshida: 1976-1981: Japan: Masao Fujioka: 1981-1989: Japan: 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.
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