ADB President announces resignation effective January 16, 2020

ISLAMABAD, Sep 17 (APP):Asian Development Bank (ADB) President Takehiko Nakao on Tuesday announced his resignation effective 16 January 2020.

He assumed office as President on April 28,2013, a statement issued by the ADB said.
The election for the new president would be in accordance with the open, transparent and merit-based procedure.

In his remark to staff and Board members, he said “I am announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, Board members, and member governments, we have achieved many things.”

As memorable works, he referred to expanded ADB’s operations (increase in new lending and grant from $14 billion in 2013 to $22 billion in 2018 while incorporating more advanced technologies into projects.
He also referred to the merger of Ordinary Capital Resources and concessional lending operation of the Asian Development Fund (ADF) (which enabled the expansion of operations thanks to much larger combined equity and leverage for concessional lending and launch of Strategy 2030.

He also talked about important knowledge works during his tenure including ADB’s 50 years history book, and institutional reforms to make ADB “stronger, better and faster”.

He mentioned that ADB will continue to develop and reinvent itself for responding to changing needs of our developing member countries and for pursuing its mission to help achieve “a prosperous, inclusive, resilient, and sustainable Asia and the Pacific.” He also emphasized ADB must continue to be an important center for fostering cooperation and friendship among countries. Mr. Nakao concluded by saying “I am committed that I will do my best in performing my responsibility until my last day at ADB.”

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