Preparation App. Shixin Chen | Vice-President, Asian Development Bank 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. 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. Skills Development Project | Asian Development Bank The Asian Development Bank has 68 members. 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. 65). The UPSC Syllabus explicitly covers all the major financial institutions. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. Jin Liqun Reelected President of AIIB - News - AIIB Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. Eight of the twelve members come from regional (Asia-Pacific) members while the others come from non-regional members.[11]. [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. 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. 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. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. White Revolution: Meaning, Short Note | Operation Flood, IUCN Red List: Categories, Critically Endangered Species in India, Representation of Peoples Act: Salient Features, RPA 1951 UPSC, Roles and Functions of Asian Development Bank, Biosphere Reserves in India Notes for UPSC Exam, BYJU'S Exam Prep: The Exam 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. [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. 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. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. Official Gazette of the Republic of the Philippines, 63(4), 791-795. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. He was elected President by ADB's Board of Governors and assumed office in April 2013. The per capita loans from the World Bank on a regional basis are $2.80 to Asia, $3.04 to Africa and $4.20 to Europe. The headquarter of the Asian Development Bank is in Manila, Philippines. 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. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. [5] Asian Development Bank - Wikipedia Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. 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. Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. Home About ADB Organization Transparency Operational Priorities In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. All content is in the public domain unless otherwise stated. See: Rules of Procedure of the Board of Directors of ADB. The President Dr. Akinwumi A. Adesina is the 8th elected President of the African Development Bank Group. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. But the most important efforts in this direction must come, not from outside the region but from within. [63] The year after a member's name indicates the year of membership. It is headquartered 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. The Japanese and the. 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. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. Asian Development Bank President (1966 to 2022) To download the Asian Development Bank UPSC Notes PDF, click here. Speech of President Marcos on the Inauguration of Asian Development Bank [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. It will help prepare technical studies and proposals for loans among the member countries or governments. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. Sitharaman meets Asian Development Bank President, lauds support to That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. 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 opening of the ADB proves that the forces working for cooperation and fraternity between nations should never be underestimated. Asian Development Bank UPSC: Members & President | ADB UPSC The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. We know, however, the proximate causes of the success of this great idea of the ADB. 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. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) 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. Speech of President Marcos on the Inauguration of Asian Development Bank 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. On this Wikipedia the language links are at the top of the page across from the article title. [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. A nominee needs to gain at least half of all votes to become the ADB president. [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. He succeeded Takehiko Nakao on 17 January 2020,[12] who succeeded Haruhiko Kuroda in 2013. 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. About Asian Development Bank | Flickr 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. 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. 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. 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. [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. China is 'committed to net zero,' head of top Asian development bank 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. 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%). Download ADB notes PDF for civil services exam. 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. Asian Development Bank(ADB) is a regional development bank, established in December 1966. 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. 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 Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. Asian Development Bank was established on 19th December 1966, and it had 31 members at first. 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. He was elected as ADB's 10 th president on November 2019 and assumed the . A brief history of the Asian Development Bank DevelopmentAid However, the idea received a cool reception from the World Bank itself and the study group became discouraged. Reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. 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]. ADB focused on improving roads and providing electricity. Asian Development Bank (ADB) - Key Facts for UPSC - BYJUS 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. 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. 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. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. Statement delivered by Mr. Woochong Um, Managing Director General Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. Established in 1966, it is owned by 68 members49 from the region. The Government of India and the Asian Development Bank (ADB) signed a $112 million loan to develop water supply infrastructure and strengthen the capacities of urban local bodies (ULBs) for improved service delivery in four towns in the state of Jharkhand. [42] ADB does not disclose information that jeopardizes personal privacy, safety and security, certain financial and commercial information, as well as other exceptions. The Board of Directors is responsible for the direction of the general operations of the bank. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. 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. [8] ADB is an official United Nations Observer. 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. One of the most active sub-sectors of finance is the PSOD's support for trade finance. The bank employs about 3,000 people, representing 60 of its 68 members. This assurance has been given by the Vice President of the South Asian Region . 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. In 2017, ADB lent $19.1 billion of which $3.2 billion went to private enterprises, as part of its "nonsovereign" operations. Today, most of our countries, irrespective of our stages of development and political beliefs, are signatories to covenants and conventions under the United Nations which bind us to accord to workers the freedom of organization and collective bargaining and the protection of various labor laws. This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. 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]. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. His Excellency Ferdinand E. Marcos Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. [18], In December 2005, China donated $20 million to the ADB for a regional poverty alleviation fund; China's first such fund set up at an international institution. : 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). 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. Asian Development Bank UPSC 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. India is one of the founding members of the Asian Development Bank (ADB). 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. Asian Development Bank UPSC: Members & President | ADB UPSC Mr. Asakawas professional experience extends beyond the realms of the Japanese government. : 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). Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. The President congratulated Mongolia on its recent international bond issuance and measures taken to bolster international reserves. The ADB was created to be a financial institution that would be "Asian in character" as it works to . I have no doubt in my mind that these problems will be solved in no time. 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. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. This is not only because most Asian countries lack the capital and the means of development. 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. 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. 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. Authorization Method & Scope Asakawa was the only candidate and received unanimous support for a five-year term beginning on 24 November 2021.[8]. Masatsugu Asakawa | Asian Development Bank Explore [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. [6], Watanabe served as the first ADB president to 1972. 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: ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. [18], In 2017, ADB combined the lending operations of its Asian Development Fund (ADF) with its ordinary capital resources (OCR). 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. Authorization Method & Scope Despite an initial mixed reaction, support for the establishment of a new bank soon grew. of In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. 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. President Masatsugu Asakawa on 1 March 2022 met with Canadas Minister of International Development and ADB Governor Harjit S. Sajjan and Member of Parliament, Mississauga-Streetsville, Rechie Valdez in ADB headquarters. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . Asian Development Bank maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through co-financing operations that tap official, commercial, and export credit sources. 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. Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. Asian Development Bank is an official United Nations Observer. In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. She also appreciated the ADB's support to India's G20 Presidency priorities. He was elected President by the Asian Development Banks Board of Governors. [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. The major objectives of the Asian Development Bank are to achieve inclusive, prosperous, suitable and resilient Asia and the Pacific while reducing extreme poverty. Takehiko Nakao is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. The current president is Masatsugu Asakawa. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. The following table are amounts for 20 largest countries by subscribed capital and voting power at the Asian Development Bank as of December 2020. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. 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. Learn more about the Philippine government, its structure, how government works and the people behind it. 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. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. President Masatsugu Asakawa met with India Prime Minister Narendra Modi and Finance Minister and ADB Governor Nirmala Sitharaman during his visit to New Delhi on 20-22February 201. (UPSC 2022). 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. 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. In 1999, ADB adopted poverty reduction as its overarching goal.[18]. The current president is Masatsugu Asakawa. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. 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). Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. 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. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. Along with this, one needs to practice the UPSC Previous Year Questions.