New ADB President Masatsugu Asakawa assumes office

The 10th President of the Asian Development Bank (ADB) Masatsugu Asakawa assumed office today.

He succeeds Takehiko Nakao, who stepped down on January 16, the ADB said in a press release.

"I'm honoured to assume the role of ADB President and to begin working in close cooperation with our 68 members," the press release said quoting Asakawa.

He said he is confident that ADB can stand up to the challenges that the region faces and promised to do his best to achieve a more prosperous, inclusive, resilient, and sustainable Asia and the Pacific.

Asakawa has held a range of senior positions at Japan's finance ministry, 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.

He also served as the chief advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, a visiting professor at the University of Tokyo from 2012 to 2015 and at Saitama University from 2006 to 2009.

The new ADB president obtained his Bachelor of Arts from the University of Tokyo in 1981 and MPA from Princeton University in 1985.

Established in 1966, ADB is owned by 68 members -- 49 from the region.

ADB has been a development partner of Bangladesh since 1973. It has committed $22.9 billion for 282 loans, $269.18 million for 429 technical assistance projects, and $931.5 million for 44 grant projects.

During 2019–2021, the bank has a pipeline of 31 firm projects worth $4.3 billion and 21 standby projects worth $3.8 billion, ADB said.

Gender equality, good governance, institutional strengthening, and climate change mitigation and adaptation will all remain major pillars for ADB operations in Bangladesh, the lender said.