Japan is a potent source of sub-market official development assistance or ODA loans based on government statistics

TAKEHIKO Nakao is stepping down as president of the Asian Development Bank (ADB) effective 16 January 2020, some two years shy of completing a fresh five-year term.

“I am announcing my resignation with a deep sense of satisfaction and gratitude,” Nakao was quoted as saying in a speech before the ADB board members and staff.

Nakao assumed office as president of ADB on 28 April 2013. The ADB Board gave him a fresh five-year mandate that began in November 2016.

“With support from staff, board members, and member governments, we have achieved many things,” he added.

The ADB has yet to announce Nakao’s replacement, but said that election for the new president will be in accordance with the open, transparent and merit-based procedure.

During Nakao’s stint, the ADB has increased its new lending and grant from $14 billion in 2013 to $22 billion in 2018.

He also spearheaded the merger of ordinary capital resources and concessional lending operations of the Asian Development Fund which enabled the expansion of operations, the launch of the Strategy 2030, and improving financial sustainability of the staff pension system by introducing defined contribution plan for new hires.

In reaction, Finance Secretary Carlos Dominguez III said: “Mr. Nakao will be missed. During his tenure, the ADB consolidated its financial position and made significant progress particularly in its relations with the Philippines. We will build on that solid institutional partnership and achieve close cooperation and collaboration.”

Japan is a potent source of sub-market official development assistance or ODA loans based on government statistics.