New Delhi: The Asian Development Bank (ADB) will be led by a new president next year, as ADB President Masatsugu Asakawa announced Monday his intention to step down from his position as the head of the institution, an ADB press release stated.
In a statement, Asakawa expressed his gratitude for the support of the Board and member governments and the dedication of the Staff in delivering on ADB’s mission to promote inclusive, resilient, and sustainable growth.
Asakawa has served as ADB President since 17 January 2020 when he took over reigns from Takehiko Nakao. During Asakawa’s tenure, the bank launched a swift and comprehensive response to the COVID-19 pandemic, including the creation of a $20 billion response package that provided critical support to the most vulnerable communities. He also spearheaded the repositioning of ADB as the Climate Bank for Asia and the Pacific, with a commitment to mobilize at least $100 billion in climate financing by 2030 to support mitigation and adaptation efforts, including through the private sector. His resignation will come into effect on 23 February 2025.
“ADB is in a strong position to continue delivering on its mission in fostering development across Asia and the Pacific,” Asakawa said. “I am dedicated to fulfilling my responsibilities with the utmost commitment until my final day at ADB.”
The election of a new president will be held in an open, transparent, and merit-based process, in accordance with the ADB’s Charter. The ADB is committed to working with its member countries to eradicate extreme poverty and promote inclusive, resilient, and sustainable development in the region, the release stated.