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ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. Takehiko Nakao | World Bank Live The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. The President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). 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. The headquarter of the Asian Development Bank is in Manila, Philippines. 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. "[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. 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. History of ADB. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. His qualifications, background and experience eminently fit him for his new position. This is the foreign exchange gap involved in economic modernization and the raising of productivity. [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. Asian Development Bank is an official United Nations Observer. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. 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. 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. And I shall add that this event is auspicious not only for the people of Asia, but also for the peace of the world. He was elected President by the Asian Development Banks Board of Governors. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? 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. 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. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. To download the Asian Development Bank UPSC Notes PDF, click here. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. COMMITMENT AGAINST POVERTY, IGNORANCE AND DISEASE. 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. 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. 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. This assurance has been given by the Vice President of the South Asian Region . ADB also responded to a multitude of natural disasters in the region, committing more than $850 million for recovery in areas of India, Indonesia, Maldives, and Sri Lanka which were impacted by the 2004 Indian Ocean earthquake and tsunami. In the early 1990s, ADB moved its offices to Ortigas Center in Pasig City, with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. 65). 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]. Explore Sitharaman meets Asian Development Bank President, lauds support to 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. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. It is headquartered in Manila, Philippines. ADB encourages websites and blogs to link to its web pages. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. IN ASIA. From 31 . The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia . India is one of the founding members of the ADB. See: Rules of Procedure of the Board of Directors of ADB. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 68 members49 from the region. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. Recently, it has been in news due to the loans and financing it provided to India post-Covid. China is the. He was elected President by ADB's Board of Governors and assumed office in April 2013. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. 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. ADB joined with key partners in Indonesia to sign a memorandum of understanding to jointly explore the early retirement of the first coal-fired power plant owned by an independent power producer under ADBs Energy Transition Mechanism. Interview with Takehiko Nakao, president, Asian Development Bank - YouTube Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. [2] He joined the Ministry of Finance in Japan the same year. 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. [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. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. 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. Between 1989 and 1992 Asakawa was seconded by the Japanese Ministry of Finance to serve as an Executive Assistance to the fifth president of the Asian Development Bank, Kimimasa Tarumizu, in Manila. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. Skills Development Project | Asian Development Bank ADB's participation is usually limited but it leverages a large amount of funds from commercial sources to finance these projects by holding no more than 25% of any given transaction.[38]. 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. 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. Speech of President Marcos on the Inauguration of Asian Development Bank The President of ADB chairs the Board of Directors. The 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. 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. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. 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. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. 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. This day marks the beginning of a new era in the solidarity of the region. 1977 (reprinted 2010). President of the Philippines They discussed Canadas new Indo-Pacific Strategy and possible collaboration with FinDev, Canadas development finance institution. Authorization Method & Scope Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. 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. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. 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. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. 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.