International order under great strain

“I am deeply honored by the trust our members have placed in me at this critical moment in our region’s history. New shocks are striking Asia and the Pacific, even before economies have recovered from the last, and the international order is under its greatest strain in generations,” Kanda said.

“ADB must be the region’s anchor of stability. But stability cannot mean standing still. We must mobilize with speed and at the scale our members need, to protect people today while helping build a brighter future for the next generation.”

Asakawa announced on 9 September 2024 that he intended to step down effective 23 February 2025, about nine months before the scheduled end of his five-year re-election term.

In announcing his resignation, Asakawa said that, “after careful reflection,” he believed the time was right for “new leadership to bring fresh perspectives and renewed energy” to the ADB.

All previous presidents of the multilateral lender have been Japanese. Under Kanda’s leadership, the ADB said it has provided a record $44 billion in support, including more than $29 billion from its own resources and nearly $15 billion in cofinancing.

Historic amendment

It said a historic amendment to the ADB Charter paved the way for a 50-percent increase in the ADB’s annual financing capacity, enabling annual financing from its own resources to exceed $36 billion.

Kanda previously served as a special adviser to Japan’s prime minister and finance minister from 2024 to 2025, Japan’s vice-minister of finance for international affairs from 2021 to 2024, and represented Japan in major international forums, including the Group of Seven and Group of Twenty.