Nakao Reelected As ADB President For 5 More Years

By Massita Ahmad SINGAPORE, Aug 5 (Bernama) -- The Asian Development Bank (ADB) Board of Governors has unanimously reelected Takehiko Nakao as President of ADB for a further five years beginning on Nov 24, 2016. Nakao was first elected as President by the Board of Governors on April 28, 2013 to serve the three and a half years remaining of the term of his predecessor, Haruhiko Kuroda. Nakao, the ninth President of ADB, was the sole nominee after ADB's Governors were invited from May 31 to June 30, 2016 to make nominations for the organisation's presidency. "It is a great honour to receive the mandate of ADB members to serve as President of the ADB for another five years," said Nakao in a statement issued from Manila Friday. "I will devote myself to continuing to lead ADB to an even more elevated standing as the primary development institution in the region that helps achieve inclusive and sustainable development in Asia and the Pacific." During Nakao's first term, ADB realigned its strategic priorities through the Midterm Review of Strategy 2020 and increased its lending capacity from US$13 (US$1=RM4.049) billion in 2014 to US$20 billion by 2020 through the merger of Asian Development Fund operations with the Ordinary Capital Resources balance sheet. The scaling up of its operations has already made good progress. Last year, ADB's loan and grant approvals reached a record US$16.3 billion, including private sector operations of US$2.6 billion, which is also a record high. ADB's Board of Governors in May approved a replenishment of the Asian Development Fund of US$3.8 billion. Under Nakao's leadership, in order to serve client countries better, ADB also implemented institutional reforms including delegating more authority to resident missions, streamlining procurement and other procedures, establishing the Office of Public-Private Partnership, and strengthening sector and thematic expertise. ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, ADB, which is owned by 67 members, including 48 from the region, will mark 50 years of development partnership in the region in December 2016. Its assistance last year totalled US$27.2 billion, including cofinancing of US$10.7 billion. -- BERNAMA