ADB president announces resignation

MANILA, Philippines — Asian Development Bank (ADB) president Takehiko Nakao has announced his intention to resign as head of the Manila-based multilateral bank effective in January, cutting his term by two years.

In an official statement, Nakao said he intends to resign from his post effective Jan. 16, 2020.

He first assumed the presidency of ADB on April 28, 2013, succeeding Haruhiko Kuroda, and was reelected for a fresh five-year term on Nov. 24, 2016.

“My time at ADB has been rewarding. I am announcing my resignation with a deep sense of satisfaction and gratitude,” Nakao said.

“I feel this is a good time to ask someone with fresh ideas and strong commitment to development to succeed me. I announce my resignation now so that the institution can have a smooth transition of presidential administrations.”

He said the election of the new president will be held by the Board of ADB Governors in accordance with the ADB charter through “an open, transparent, and merit-based procedure.”

Under Nakao’s term, the ADB expanded new lending and grant provision from $14 billion in 2013 to $22 billion in 2018 while incorporating more advanced technologies into projects; and merged its Ordinary Capital Resources and concessional lending operation of the Asian Development Fund (ADF) to enabled the expansion of operations.

Likewise, the bank completed the ADF 12 replenishment to sustain grant operations for the poorest member countries; strengthened operations in social sector such as health and education; doubled ADB’s climate mitigation and adaptation finance in five years, used result-based and policy-based loans and grants to respond to the needs of countries facing external volatilities and natural disasters; and increased funding through local currency bonds and hematic bonds such as green, gender, and water.

In 2018, the bank launched its long-term Strategy 2030 which set ADB priorities including continued efforts to reduce poverty, and with clear targets for climate change, gender, private sector operations, and cofinancing.

Since last year, the future of grant operations in the context of the next ADF 13 replenishment have been discussed as well as the implementation of differentiated pricing to upper middle-income countries.