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. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. 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). Masatsugu Asakawa is the President of the Asian Development Bank (ADB) 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. 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]. All content is in the public domain unless otherwise stated. Official Gazette of the Republic of the Philippines, 63(4), 791-795. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. of 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 non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) This is the foreign exchange gap involved in economic modernization and the raising of productivity. ADB responded to this with loans and grants that encouraged economic growth. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. 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. Explore It is headquartered in Manila, Philippines. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. ADB President Masatsugu Asakawa reiterated the banks commitment to strengthening its partnership with Armenia in a virtual meeting with Deputy Prime Minister of Armenia Mher Grigoryan. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. Asian Development Bank is a financial institution. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. 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. We must at last face the truth that there is no choice for our countries except to cooperate. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. 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 ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. The Governor thanked the President for ADBs continued strong partnership with Mongolia, recognizing ADB as the leading development financier, including ADBs critical support during the COVID-19 pandemic. J. M. Garland (Australia), Ng Kam Poh (Malaysia), P.V.R. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). (UPSC 2022). The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. [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. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. [13], The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines,[14][15] and it has 42 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo and Sydney. 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. 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. Established in 1966, it is owned by 68 members49 from the region. 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. The per capital foreign aid to Southeast Asia is only $2.50 while it is $5.90 to Africa and $5 to Latin America. Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. The 68 members of the Asian Development Bank comprise both, the regional members, as well as the non-regional members. 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. He joined ADB on 12 December 2018. . He was elected as ADB's 10 th president on November 2019 and assumed the . The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. President of the Philippines 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. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. This assurance has been given by the Vice President of the South Asian Region . The mobilization of outside capital for development of Asian economy makes the Bank a unique institution. [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. Asian Development Bank UPSC Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. 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. [2], Last edited on 24 February 2023, at 14:18, Learn how and when to remove this template message, Woodrow Wilson School of Public and International Affairs, New ADB President Masatsugu Assumes Office', "Masatsugu Asakawa elected ADB president", Japans Asakawa: will look at how to respond to market', Japan eyes ex-top currency diplomat Masatsugu Asakawa as next head of ADB', Announcement of Intent of Resignation by ADB President Takehiko Nakao', Masatsugu Asakawa Reelected for Second Term as ADB President. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. "Operating at a global and international level, these banks can undermine people's human rights through projects that have detrimental outcomes for poor and marginalized communities. 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. [6] From 31 members at its establishment, ADB now has 68 members. He was elected President by the Asian Development Bank's 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? Asian Development Bank is an official United Nations Observer. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. The Asian Development Bank is a regional development bank (ADB) established on 19th December 1966. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. Asian Development Bank UPSC The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. 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. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. The Asian Development Bank has 68 members. 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. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. 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. At this juncture, I should like to congratulate the Board of Governors of the Asian Development Bank for taking a very wise, healthy and practical step in inviting other members and associate members of ECAFE and other non-regional developed countries which are members of the United Nations or any of its specialized agencies, that have not yet joined the bank, to join it. The Asian Development Bank's primary mission is to foster growth and cooperation among countries in the Asia . Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. 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. Managing Director General, Office of the President, Asian Development Bank . She also appreciated the ADB's support to India's G20 Presidency priorities. 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. Watanabe, Takeshi. Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). 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. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. Speech 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. : 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 policy calls for accountability and transparency in operations and the timely response to requests for information and documents. Asakawa has also worked in various positions in other international agencies. The ADB is committed to achieving prosperous and sustainable Asia and the Pacific. ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. United Nations Environment Programme Finance Initiative. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. ADB encourages websites and blogs to link to its web pages. The ADB was created to be a financial institution that would be "Asian in character" as it works to . That document formally stated that assistance to private sector development was the lead priority of the ADB and that it should constitute 50% of the bank's lending by 2020. Finance Sector Development The financial system is the lifeline of a country's economy. 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. 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. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. His Excellency Ferdinand E. Marcos 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. 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. Stefania Palma, Asia editor of The Banker, speaks with Takehiko Nakao, president of Asian Development Bank, during the 2016 ADB meeting held in Frankfurt, Ge. Ahigh-level panel of experts exchanged views on what it will take to ensure that developing Asias Great Reset points the regiontoward a green, resilient,andinclusivefuture. During the crisis, ADB approved its largest single loan a $4 billion emergency loan to South Korea. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2020. ADB encourages websites and blogs to link to its web pages. . The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. The Japanese and the. (Charter. [13] 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. 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. This day marks the beginning of a new era in the solidarity of the region. [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. 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. 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. In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its "nonsovereign" operations. They discussed recently improved economic developments, coordination with international financial institutions, and country partnership strategy (2021-2024) priority areas, including climate change, renewable energy, food security and domestic resource mobilization. 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. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. President Masatsugu Asakawa on 28 February 2023 met with Mongolia's Minister of Finance and ADB Governor Javkhlan Bold in ADB headquarters. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. However, that effort was never a true priority until the administration of President Tadeo Chino who in turn brought in a seasoned American banker Robert Bestani. Regional Cooperation and Integration Regional cooperation and integration (RCI) was introduced by President Kuroda when he joined the ADB in 2004. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. On this Wikipedia the language links are at the top of the page across from the article title. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. 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. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. Asian Development Bank is a regional development bank, established in December 1966. 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. The President of ADB chairs the Board of Directors. In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. [55], Oxfam Australia has criticized the Asian Development Bank for insensitivity to local communities. The Board of Directors is responsible for the direction of the general operations of the bank. 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). He served for seven years until January 2020, overseeing an . Today, we are inaugurating the bank. 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. [2] He joined the Ministry of Finance in Japan the same year. ADB and and other international financial institutions are for the first time launching a joint video campaign, Investing for a greener world, to showcase their role in facilitating climate change solutions, ahead of COP27. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. It also relies on the contributions of member countries, retained earnings from lending operations, and the repayment of loans. It may not be inappropriate, therefore, as someone has suggested, to call it a sort of World Bank for Asia.. Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. 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. 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. 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 Governor and the accompanying Mongolia delegation also met with VP Ahmed Saeed and managers of ADB's East Asia and private sector departments, and public-private partnership office, during their two-day visit on 28 February and 1 March. This page was last edited on 24 February 2023, at 14:18. 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. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. But the most important efforts in this direction must come, not from outside the region but from within. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. 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.
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