ADB president Takehiko Nakao seeks 2nd term

MANILA, Philippines - Asian Development Bank (ADB) president Takehiko Nakao will likely serve a fresh term at the multilateral lending institution after emerging as the sole nominee for the position.

The Manila-based ADB announced over the weekend that Nakao is the only candidate put forward after the close of the nomination period among ADB’s governors on June 30.

Nakao was first elected as president on April 28, 2014 to serve the three and a half years of the remaining term of his predecessor, Haruhiko Kuroda.

To be reelected for a new five year term beginning Nov. 24, Nakao must secure the majority vote among the ADB board of governors.

The members of the board would cast their vote on Nakao’s candidacy on Aug. 4.

In seeking reelection, Nakao aims to accelerate the bank’s provision of financial assistance to its member countries.

In his vision statement, the incumbent president of the ADB identified 10 key reform areas, chief of which is increasing ADB’s annual loan and grant approvals to $20 billion in 2020 from $13 billion in 2014.

“At the same time, I remain committed to accelerating disbursements. We will also catalyze greater private resources and work in partnership with other development partners including new institutions such as the Asian Infrastructure Investment Bank (AIIB) and the Green Climate Fund. Given the large financing needs of the region, I will consider all options for strengthening ADB’s financial capacity when necessary,” said Nakao.

The increase in resources, he said, would be used to support development projects that contribute to inclusiveness of growth such as health, education, food security, social protection and financial inclusion as well as projects that would contribute to progress  towards meeting the Sustainable Development Goals.

Nakao also vowed to strengthen ADB’s support for high priority infrastructure development in the region especially those in transport, power, water and urban development sectors.

“Our operations would align with national strategies, We will pay greater attention to maintenance cost and sustainability over the life cycle of infrastructure assets,” Nakao said.

ADB would also expand assistance to the private sector through co-financing should Nakao be given a fresh mandate, focusing on private companies that build and manage “essential infrastructure” such as renewable energy and telecommunications.

Other non-lending reforms focus on strengthening ADB’s credentials as a knowledge institution, maintaining close ties with country leaders, improving the bank’s human resource management, ensuring efficiency in ADB’s operations, and maintaining strong governance of ADB.

Nakao also wants to lead the formation of a new long-term strategy for ADB leading up to 2030.