New ADB chief assumes office

ISLAMABAD: Masatsugu Asakawa on Friday assumed office as the 10th President of the Asian Development Bank (ADB). "I am honored to assume the role of ADB President and to begin working in close cooperation with our 68 member countries. ADB has been a trusted partner of the region for more than half a century, supporting strong growth that has improved the lives of people across Asia and the Pacific. I will strive to ensure ADB remains the preferred choice of its clients and partners," Mr. Asakawa said.

According to ADB statement received here, Asakawa succeeded Takehiko Nakao, who stepped down on 16 January 2020. In a career spanning close to four decades, Asakawa has held a range of senior positions at the Ministry of Finance of Japan, including Vice Minister of Finance for International Affairs, and gained diverse professional experience in development policy, foreign exchange markets, and international tax policy.

He served as Finance Deputy for the 2019 G20 Osaka Summit and the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, Japan. Furthermore, in the immediate aftermath of the Global Financial Crisis, he took part in the first G20 Leaders' Summit Meeting in his capacity as Executive Assistant to the then Prime Minister Taro Aso.

Asakawa has had frequent engagement with the Organisation for Economic Co-operation and Development, including as Chair of the Committee on Fiscal Affairs from 2011 to 2016. His extensive international experience included service as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which period he spearheaded the creation of a new office in ADB focused on strategic planning.