We are giving the world the first concrete manifestation of regional economic cooperation in Asia. ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. And I shall add that this event is auspicious not only for the people of Asia, but also for the peace of the world. It would help you to prepare for the upcoming UPSC exam. He was elected President by ADB's Board of Governors and assumed office in April 2013. [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 roles and functions of the Asian Development Bank are: Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADBs Board of Directors. 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. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? In 1999, ADB adopted poverty reduction as its overarching goal.[18]. 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. Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank. But the US did not warm to the plan and the concept was shelved. 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, 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, Rules of Procedure of the Board of Directors of ADB, Republic of Korea / Papua New Guinea / Sri Lanka / Taipei,China / Uzbekistan / Vanuatu / Viet Nam, Kazakhstan / Maldives / Marshall Islands / Mongolia / Pakistan / Philippines / Timor-Leste, Canada / Denmark / Finland / Ireland / The Netherlands / Norway / Sweden, Australia / Azerbaijan / Cambodia / Georgia / Hong Kong, China / Kiribati / Federated States of Micronesia / Nauru / Palau / Solomon Islands / Tuvalu, Armenia / Cook Islands / Fiji / Indonesia / Kyrgyz Republic / New Zealand / Niue / Samoa / Tonga, Brunei Darussalam / Malaysia / Nepal / Singapore / Thailand, Belgium / France / Italy / Portugal / Spain / Switzerland, Afghanistan / Bangladesh / Bhutan / India / Lao Peoples Democratic Republic / Tajikistan / Turkmenistan, Austria / Germany / Luxembourg / Trkiye / United Kingdom. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. And I am glad that the non-regional members of the ADB, representing the developed West, are also taking part in this undertaking, ready to share with Asia the experience and the capacities that are the sources of their own development. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). Eighty percent of ADB's lending is concentrated public sector lending in five operational areas. 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. 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. The Board of Governors did well in entrusting the management of the bank to Mr. Takeshi Watanabe. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly known as the United Nations Economic Commission for Asia and the Far East) and non-regional developed countries. 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 Asian Development Bank is an important topic for both the Prelims and Mains. President Masatsugu Asakawa on 1 March 2022 met with Canadas Minister of International Development and ADB Governor Harjit S. Sajjan and Member of Parliament, Mississauga-Streetsville, Rechie Valdez in ADB headquarters. Jin Liqun has been elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the Bank's Board of Governors. [34], ADB obtains its funding by issuing bonds on the world's capital markets. The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. 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. President Asakawa joined the G20 FMCBG meeting at the invitation of the government of India. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. But a new bank for Asia was soon seen to fit in with a broader program of assistance to Asia planned by United States President Lyndon B. Johnson in the wake of the escalating U.S. military support for the government of South Vietnam. Marcos, F. E. (1966). In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. [39] According to Jason Rush, Principal Communication Specialist, the Bank communicates with many other multilateral organizations. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. 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. But the most important efforts in this direction must come, not from outside the region but from within. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. On this Wikipedia the language links are at the top of the page across from the article title. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. Most recently, he served as Finance Deputy for the G20 meetings under the Japanese presidency, playing a pivotal role for the success of the G20 Osaka Summit as well as the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka. 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.. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. He has also held several positions at the Committee on Fiscal Affairs, OECD while concurrently serving in his duties at the Ministry of Finance including: Asakawa also served as executive assistant to the prime minister during the period of the Aso Cabinet (20082009). Asian Development Bank was established on 19th December 1966, and it had 31 members at first. He was elected President by the Asian Development Bank's Board of Governors. We know, however, the proximate causes of the success of this great idea of the ADB. 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%). Allow me to congratulate the members of the board of directors. The bank employs about 3,000 people, representing 60 of its 68 members. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. Asian Development Bank has approved a 1.5 billion dollar loan to India to help fund its fight against the coronavirus pandemic. At this juncture, I should like to congratulate the Board of Governors of the Asian Development Bank for taking a very wise, healthy and practical step in inviting other members and associate members of ECAFE and other non-regional developed countries which are members of the United Nations or any of its specialized agencies, that have not yet joined the bank, to join it. "[56] The bank also received criticism from the United Nations Environmental Program, stating in a report that "much of the growth has bypassed more than 70 percent of its rural population, many of whom are directly dependent on natural resources for livelihoods and incomes. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. Read Biography News 1 of 76 next Videos Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. [5] Watanabe, Takeshi. In August 2021, he was reelected for a 5-year term starting on 24 November 2021. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. ADB joined with key partners in Indonesia to sign a memorandum of understanding to jointly explore the early retirement of the first coal-fired power plant owned by an independent power producer under ADBs Energy Transition Mechanism. India is one of the founding members of the Asian Development Bank. One of the major functions of the Asian Development Bank is to serve as a medium for bringing over investments from the highly developed countries to the developing countries of the region. This is not only because most Asian countries lack the capital and the means of development. For the UPSC Mains Syllabus, the Asian Development Bank focuses on the functions, recent developments concerning Asian Development Bank and India, etc. It is headquartered in Manila, Philippines. History of ADB. The inauguration of the ADB should boost the morale of all who believe in world peace and brotherhood. But I believe that in the long run the most lasting effect of this bank would be moral, in the sense that it would help spark in all member countries a new spirit of changeof being able to alter their own environments to make them serve the aims of a better and fuller life in dignity and freedom. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. ADB encourages websites and blogs to link to its web pages. President Jin's second five-year term will begin Jan. 16, 2021. Today, most of our countries, irrespective of our stages of development and political beliefs, are signatories to covenants and conventions under the United Nations which bind us to accord to workers the freedom of organization and collective bargaining and the protection of various labor laws. The main role of the Asian Development Bank is to support the projects of its member countries to make an economic impact, processed through public and private sector operations, and advisory services. India is one of the founding members of the ADB. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. A nominee needs to gain at least half of all votes to become the ADB president. This day marks the beginning of a new era in the solidarity of the region. Progress is not merely a matter of advice and encouragement or external aid. India is one of the founding members of the Asian Development Bank (ADB). He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. The per capita loans from the World Bank on a regional basis are $2.80 to Asia, $3.04 to Africa and $4.20 to Europe. The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. I have no doubt in my mind that these problems will be solved in no time. 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. President of Asian Development Bank [ edit] On 2 December 2019, it was announced that Asakawa had been unanimously elected by Board of Governors of Asian Development Bank (ADB) as the 10th president of the Bank. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. President of the Philippines On the Inauguration of Asian Development Bank [Delivered in Makati, Rizal, December 19, 1966] THE ADB: CORNERSTONE OF A NEW LIFE IN ASIA The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. 20152019: Vice Minister for International Affairs with responsibilities for all international policies of the Japanese Ministry of Finance including G20/IMF issues, foreign exchange rate policy, 20022004: Co-Chair for Board for Co-operation with Non-OECD Economies, 20022004: Co-Chair for Forum on Harmful Tax Practices. The current president is Masatsugu Asakawa. Asakawa has also worked in various positions in other international agencies. He was elected as ADB's 10 th president on November 2019 and assumed the . Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. Private Sector Lending This priority was introduced into the ADB's activities at the insistence of the Reagan Administration. Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). Hence, with the vast majority of loans going to concessionary (sub-market) loans to the public sector, the ADB is facing considerable financial difficulty and continuous operating losses. Board of Directors | Asian Development Bank Who We Are ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. 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). Asian Development Bank (ADB) - Read more about the ADB, its president, headquarters, etc. [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. I have great hopes that the bank will be a most powerful influence in stimulating economic and social development in this region. Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. From 31 . Keynote speech by ADB President Masatsugu Asakawa at the 2020 ADBI Annual Conference on The Impacts of the COVID-19 Pandemic and its Policy Implications. It is headquartered in Manila, Philippines. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. [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. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. Authorization Method & Scope [6] From 31 members at its establishment, ADB now has 68 members. 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]. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. Asian Development Bank and the Government of India signed a $300 million loan as additional financing to scale up the improvement of rural connectivity to help boost the rural economy in the state of Maharashtra. The early 2000s saw a dramatic expansion of private sector finance. 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. The headquarter of the Asian Development Bank is in Manila, Philippines. 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. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. 65). 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. United Nations Environment Programme Finance Initiative. Managing Director General Woochong Um, Private Sector Operations Department Director General Suzanne Gaboury, Sustainable Development and Climate Change Department Director General Bruno Carrasco, Strategy, Policy, and Partnerships Department Deputy Director General Vijay Padmanabhan, Department of Communications Principal Director Bernard Woods, and Assistant Secretary Harumi Kodama also joined the meeting. [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the special funds. 6 ADB Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Asian Development Bank(ADB) is a regional development bank, established in December 1966. China is the. Despite an initial mixed reaction, support for the establishment of a new bank soon grew. White Revolution: Meaning, Short Note | Operation Flood, IUCN Red List: Categories, Critically Endangered Species in India, Representation of Peoples Act: Salient Features, RPA 1951 UPSC, Roles and Functions of Asian Development Bank, Biosphere Reserves in India Notes for UPSC Exam, BYJU'S Exam Prep: The Exam ADB President Masatsugu Asakawa introduced the 2020 Partnership Report at thisvirtual launch. Hethanked ADBs partners for their hard work in 2020 and called for support to ensure a green, resilient, and inclusive recovery. Established in 1966, it is owned by 68 members49 from the region. To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (20112016). The Board of Directors is responsible for the direction of the general operations of the bank. See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. The ADB was created to be a financial institution that would be "Asian in character" as it works to . [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. President of the Philippines (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). Preparation App. Japanese presidents Inoue Shiro (197276) and Yoshida Taroichi (197681) took the spotlight in the 1970s. On 26 Feb 2020, ADB raises $118 million from rupee-linked bonds and supporting the development of India International Exchange in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $1 billion of outstanding bonds. That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. The Board of Governors also elect the bank's president, who is the chairperson of the board of directors and manages ADB. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. 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 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. ADB and its role in the world economy; More details on ADB for UPSC IAS exam. [1] He was formerly special adviser to Shinzo Abe, prime minister of Japan, and to Taro Aso, the deputy prime minister of Japan and minister of finance. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. To download the Asian Development Bank UPSC Notes PDF, click here. Home About ADB Organization Transparency Operational Priorities They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. The idea came up again late in 1962 when Kaoru Ohashi, an economist from a research institute in Tokyo, visited Takeshi Watanabe, then a private financial consultant in Tokyo, and proposed a study group to form a development bank for the Asian region. More than 50 financing partnership facilities, trust funds, and other funds totalling several billion each year are administered by ADB and put toward projects that promote social and economic development in Asia and the Pacific. I am delighted to share on ADB support to V20 Initiatives and Partnerships. After he took over, ADB made significant contributions to the regional response to the COVID-19 pandemic by providing a $20 million package and a $9 billion Asia Pacific Vaccine Facility. The bank will also help redress the imbalance in foreign exchange prevailing in most Asian countries estimated at from 600 million to one billion dollars. [21], In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the global economic crisis. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. I can see a salutary effect arising from this. Although he initially declined, pressure came from other countries and Watanabe agreed. 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. Managed by ICT Division of the Presidential Communications Office (PCO). In addition, $1 billion in loans and grants was provided to the victims of the October 2005 earthquake in Pakistan. ADBs highest policy-making body is the Board of Governors, which comprises one representative from each member nation 48 from the Asia-Pacific and 19 from outside the region. This event is a hopeful sign that once the energies of nations are directed towards peace and progress, the old narrow limits of possible attainment are soon surpassed. ', https://en.wikipedia.org/w/index.php?title=Masatsugu_Asakawa&oldid=1141328419, 20002002: Regional Financial Cooperation Division, International Bureau, 20022004: International Tax Policy Division, Tax Bureau, 20042006: Foreign Exchange Markets Division, 20072008: Director for Co-ordination Division, International Bureau, 20092013: Deputy Vice Minister for International Affairs, 20122013: Senior Deputy Director-General, International Bureau and Executive Assistant to Deputy Prime Minister and Finance Minister, Ministry of Finance, 20132014: Deputy Vice Minister for Policy Planning and Co-ordination, 20142015: Director-General of the International Bureau. 20112016: Chair for Committee on Fiscal Affairs. At present, Asian Development Bank has 68 members, 49 are from within Asia and the Pacific and 19 are from outside. It is headquartered in Manila, Philippines. 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.