ADB President to step down on 18th

ISLAMABAD: President Asian Development Bank (ADB), Haruhiko Kuroda submitted his resignation from the his post which will effective from March 18, 2013. A statement issued by the bank here Thursday said that Mr. Kuroda decided to step down as result of his nomination by the Cabinet of Japanese Prime Minister, Shinzo Abe as governor of the Bank of Japan. An election of a successor to complete Kuroda’s term will be held by the Board of Governors of ADB in accordance with ADB’s Charter, it added. Mr. Kuroda said that he had been deeply honored to have served as ADB President and Chairperson of ADB’s Board of Directors. I have also been privileged to have worked with an exceptionally strong and committed board and talented and dedicated staff, he added. I have every confidence in the continued success of ADB in the pursuit of its critical mission to alleviate poverty.” Mr. Kuroda is a graduate of Tokyo University and the University of Oxford, and previously served as Japan’s Vice Minister of Finance for International Affairs. Mr. Kuroda serves simultaneously as President of ADB and Chairperson of ADB’s Board of Directors and he was first elected by ADB’s Board of Governors in November 2004 and assumed office in February 2005. He was reelected for a third term in November 2011. Mr. Kuroda’s nomination to the Bank of Japan is subject to the approval of both houses of Japan’s Parliament. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.