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About ADB, how were organized, transparency, Projects, publications, products and services, operational priorities, and development knowledge, Countries with operations and subregional programs, country planning documents, Careers, business opportunities, and investor relations, President Asakawa, Canadian delegates discuss joint action on shared goals, President Asakawa, ADB Governor for Mongolia discuss development agenda and country partnership strategy priority areas, President Asakawa highlights ADBs ongoing evolution to address shared global challenges at G20 meeting, President Asakawa proposes up to $25 billion support to India's development priorities, President Asakawa calls for upholding integrity to embody ADB values at the International Anticorruption Day, Brunei, Indonesia, Malaysia, Philippines East ASEAN Growth Area (BIMP-EAGA), Central Asia Regional Economic Cooperation (CAREC) Program, Indonesia, Malaysia, Thailand Growth Triangle (IMT-GT), South Asia Subregional Economic Cooperation (SASEC), Civil Society/Non-government Organizations, $20 billion comprehensive response package, $9 billion Asia Pacific Vaccine Access Facility, ADBs 2030 cumulative climate financing ambition to $100 billion. 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. 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 ADB's Board of Governors and assumed office on 17 January 2020. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. He served as visiting professor at the Graduate School of Economic Science, Saitama University in Tokyo from 2006 to 2009,[2] and at the Graduate School of Arts and Sciences, University of Tokyo from 2012 to 2015. ADB has adopted a comprehensive reform road map, featuring a new operating model, to accelerate its transformation and more effectively serve the rapidly changing needs of its developing member countries in Asia and the Pacific. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members' capital subscriptions. 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. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. IN ASIA. Two of the USState Departments 2021 Anticorruption Champions ProTenge.KZ Founder Jamilya Maricheva and Anti-Corruption Organization of Thailand Executive Committee Member Torplus Yomnak and former Undersecretary General for UN Internal Oversight Services Heidi Mendoza shared their experiences and insights at a session onBuilding Trust, Igniting Integrity: Sustaining relationships in rebuilding Asia and the Pacific. [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. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). In August 2021, he was reelected for a 5-year term starting on 24 November 2021. None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. [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 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. The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support economic growth. 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. "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. We Asians are, therefore, particularly happy about the keen interest shown by the countries outside the ECAFE region to help foster economic growth and cooperation in the region, of Asia and the Far East and contribute to the acceleration of the process of economic development of the developing countries in the region.. Based on a new policy, both types of loans will be sourced starting January 2017 from the bank's ordinary capital resources (OCR), which functions as its general operational fund.[33]. He was elected President by the Asian Development Banks Board of Governors. Established in 1966, it is owned by 68 members49 from the region. 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. 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. The loan has been provided under ADBs Covid-19 Active Response and Expenditure Support (CARES) Program. Asian Development Bank is an official United Nations Observer. [23], The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and "soft" loans with lower interest rates to poorer countries in the region. 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. 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. [63] The year after a member's name indicates the year of membership. At present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. Established in 1966, it is owned by 68 members49 from the region. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. 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. ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. Asian Development Bank is a regional development bank, established in December 1966. [43], Since the ADB's early days, critics have charged that the two major donors, Japan and the United States, have had extensive influence over lending, policy and staffing decisions. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). 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. : 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). One of the most active sub-sectors of finance is the PSOD's support for trade finance. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. 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. As early as 1956, Japan Finance Minister Hisato Ichimada had suggested to United States Secretary of State John Foster Dulles that development projects in Southeast Asia could be supported by a new financial institution for the region. It will help prepare technical studies and proposals for loans among the member countries or governments. Learn more about the Philippine government, its structure, how government works and the people behind it. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. The regular five-year election for the position of ADB president was held as scheduled in mid-2021. 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]. 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. 1977 (reprinted 2010). Eight of the 12 are elected from within Asia and the Pacific and four others are elected from outside the region. In this article, we will be covering the Asian Development Bank UPSC notes that include, members, functions, of ABD and voting rights, and the latest news regarding the Asian Development Bank that could be important for the UPSC Exam. 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: He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. 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. 65). The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. The opening of the ADB proves that the forces working for cooperation and fraternity between nations should never be underestimated. ADB partners with other development organizations on some projects to increase the amount of funding available. Speech of President Marcos on the Inauguration of Asian Development Bank. 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. A nominee needs to gain at least half of all votes to become the ADB president. Implied in this is the renunciation of drastic methods of capital accumulation and formation which served the Western Industrial Revolution so well. This page was last edited on 24 February 2023, at 14:18. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. 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. Asian Development Bank UPSC 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]. He joined ADB on 12 December 2018. . The current president is Masatsugu Asakawa. We know the ADB could rise today only because the ground had been well prepared for it during the past 18 years of the life of the ECAFE. It may not be inappropriate, therefore, as someone has suggested, to call it a sort of World Bank for Asia.. 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. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. ADB responded to this with loans and grants that encouraged economic growth. "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. The ADB's Private Sector Department (PSOD) can and does offer a broader range of financings beyond commercial loans. [35], ADB provides direct financial assistance, in the form of debt, equity and mezzanine finance to private sector companies, for projects that have clear social benefits beyond the financial rate of return. Over the course of the next six years, the Private Sector Operations Department (PSOD) grew by a factor of 41 times the 2001 levels of new financings and earnings for the ADB. Initially, the US was on the fence, not opposing the idea but not ready to commit financial support. [18], Early loans went largely to Indonesia, Thailand, Malaysia, South Korea and the Philippines; these nations accounted for 78.48% of the total ADB loans between 1967 and 1972. [34], ADB obtains its funding by issuing bonds on the world's capital markets. The early 2000s saw a dramatic expansion of private sector finance. 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. Countries in central and west Asia have endorsed three new cross-border cooperation initiatives to help accelerate the regions recovery from the COVID-19 pandemic, improve food security, and boost the development of clean energy. 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. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. We shall meet these responsibilities. ADB President Masatsugu Asakawa on 18 February delivered akeynote messageduring ESCAP's High-Level Dialogue themed, Shaping the Future of Regional Cooperation in Asia and the Pacific.. Asian Development Bank UPSC [9], As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. Asian Development Bank is an official United Nations Observer. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. The recognition of this necessity is an act of maturity and wisdom. Japanese Prime Minister Eisaku Sat asked Watanabe to be a candidate. The non-regional member countries are Austria, Belgium, Canada, Denmark, Finland, West Germany, Italy, The Netherlands, Norway, United Kingdom, United States and Sweden.) Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. China is the. Chen was World Bank's Executive Director for the PRC from 2013 to 2016 and a Board Director for the PRC in the New Development Bank and the Asian Infrastructure Investment Bank from 2016 to 2018. 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. 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. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . 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. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. His Excellency Ferdinand E. Marcos It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. Finance Sector Development The financial system is the lifeline of a country's economy. He succeeded Takehiko Nakao on 17 January 2020, [12] who succeeded Haruhiko Kuroda in 2013. 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. There will be pressure on member governments to scrutinize more closely and rigorously their own development projects to qualify for assistance, and therefore to raise the level of their own planning and management competence. They discussed a range of issues,including ADB support to Indias infrastructure and social development and climate actions, scaling up ADB assistance to meet the countrys priority development needs, and ADBs country partnership strategy for India, 20232027. The major objectives of the Asian Development Bank are to achieve inclusive, prosperous, suitable and resilient Asia and the Pacific while reducing extreme poverty. [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. In April 2014, ADB opened an office in Myanmar and resumed making loans and grants to the country. Asian Development Bank(ADB) is a regional development bank, established in December 1966. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. 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. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. In this regard, we are obliged to cite Mr. U Nyun, secretary general of the ECAFE, who has probably done as much as any other man to bring forth the Asian Development Bank. [5] The former ADB president, Takehiko Nakao, announced that he would retire as ADB president on 16 January 2020 so Asakawa took up his position as ADB president on 17 January 2020. Before joining ADB, Mr. Nakao was the Vice Minister of Finance for International Affairs at the Ministry of Finance of Japan. 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. I have no doubt in my mind that these problems will be solved in no time. From then on, the Private Sector Operations Department (PSOD) grew at a very rapid pace, growing from the smallest financing unit of the ADB to the largest in terms of financing volume. 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. [8] ADB is an official United Nations Observer. [61], ADB has 68 members (as of 23 March 2019): 49 members from the Asian and Pacific Region, 19 members from Other Regions. The President of the Asian Development Bank is elected by the Board of Governors and holds a term of office. The 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. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. However, beginning in 2002, the ADB undertook a dramatic expansion of private sector lending under a new team. He was elected President by ADB's Board of Governors and assumed office in April 2013. 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%). The headquarter of the Asian Development Bank is in Manila, Philippines. [6], Watanabe served as the first ADB president to 1972. The Japanese and the. At the time, Asia was one of the poorest regions in the world. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. We also know that the obligation of developed nations to help the less developed nations in their own development is a relatively new and revolutionary idea in history. The Asian Development Bank is an important topic for both the Prelims and Mains. When the world suffered its first oil price shock, ADB shifted more of its assistance to support energy projects, especially those promoting the development of domestic energy sources in member countries. United Nations Environment Programme Finance Initiative. To download the Asian Development Bank UPSC Notes PDF, click here. 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. An expert group was convened to study the idea, with Japan invited to contribute to the group. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. 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. Recently, it has been in news due to the loans and financing it provided to India post-Covid. [58][59], The bank has been criticized over its role and relevance in the food crisis. Asian Development Bank releases an annual report called Asian Development Outlook that summarizes its operations, budget, and other materials for review by the public. The ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The ADB was created to be a financial institution that would be "Asian in character" as it works to . [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. Although he initially declined, pressure came from other countries and Watanabe agreed. Then in 2016, in his capacity as Vice Minister of Finance for International Affairs, he took on a leading role for the G7 Finance Ministers and Central Bank Governors meeting in Sendai under the Japanese presidency, where a sustainable and inclusive development agenda was extensively discussed. From 31 members at its establishment in 1966, at present Asian Development Bank, has 68 members. India is one of the founding members of the Asian Development Bank (ADB). Article 31), The 12 Directors of the ADB Board of Directors are elected by the Board of Governors. 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). Born in the Shizuoka Prefecture of Japan, Asakawa attended Faculty of Economics, University of Tokyo, graduating with a BA in 1981. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. The World Bank has given Southeast Asia only 5.3 per cent of all loans. In the meantime, he gave lectures as Visiting Professor at the Graduate School of Economic Science, Saitama University (20062009), and at the Graduate School of Arts and Sciences, University of Tokyo (20122015). The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations.