Ja­pan’s Nakao to lead ADB for five more years

The Myanmar Times - - International Business -

Takehiko Nakao, a for­mer se­nior fi­nance min­istry of­fi­cial in Ja­pan, is to serve for five more years as pres­i­dent of the Asian De­vel­op­ment Bank (ADB), the Mani­l­abased lender said.

Mr Nakao, who turns 60 this year, had suc­ceeded com­pa­triot Haruhiko Kuroda in April 2013. The ADB, set up in 1966, is owned by 67 mem­ber-coun­tries led by Ja­pan and the United States. It ap­proved a record US$16.3 bil­lion in loans and grants to the re­gion last year, in­clud­ing $2.6 bil­lion to the pri­vate sec­tor.

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