I have no doubt in my mind that these problems will be solved in no time. Article 31), The 12 Directors of the ADB Board of Directors are elected by the Board of Governors. It is headquartered in Manila, Philippines. [63] The year after a member's name indicates the year of membership. We know, however, the proximate causes of the success of this great idea of the ADB. The roles and functions of the Asian Development Bank are: Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADBs Board of Directors. ADB President Masatsugu Asakawa met with representatives of civil society organizations (CSOs) and nongovernment organizations (NGOs). Asian Development Bank(ADB) is a regional development bank, established in December 1966. We also know that the obligation of developed nations to help the less developed nations in their own development is a relatively new and revolutionary idea in history. This page was last edited on 24 February 2023, at 14:18. This is carried out through investments in the form of loans, grants and information sharing in infrastructure, health care services, financial and public administration systems, helping nations prepare for the impact of climate change or better manage their natural resources, as well as other areas. Each year the PSOD finances billions of dollars in letters of credit across all of Asia and the rest of the world. To cover the topic in detail, one needs to know each of the following details mentioned in the article. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). [23], The ADB offers "hard" loans on commercial terms primarily to middle income countries in Asia and "soft" loans with lower interest rates to poorer countries in the region. He noted that ADB has already taken several steps in this regard, for example by enhancing our climate ambition and revamping our operational model. of This assurance has been given by the Vice President of the South Asian Region . Speaking at the International Anticorruption Day celebration on 9 December 2022 President Masatsugu Asakawa reminded ADB personnel that in upholding the highest ethical standards, we are trustworthy, transformational, and client-centric. At the G20 Finance Ministers and a Central Bank Governors (FMCBG) meeting on February 24-25 2923, President Masatsugu Asakawa made one of the lead interventions in the session focusing on international financial architecture, sustainable finance and infrastructure. The headquarter of the Asian Development Bank is in Manila, Philippines. To pool together our resources for development is undoubtedly a great act of maturity and wisdom. Memoir of the President of the Asian Development Bank 2013-2020 (Asian Development Bank, 2022) In April 2013, just five months after Xi Jinping took office as general secretary of the Chinese Communist Party, Takehiko Nakao was appointed president of the Asian Development Bank (ADB). See full account in "Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank," July 2017. He has also held several positions at the Committee on Fiscal Affairs, OECD while concurrently serving in his duties at the Ministry of Finance including: Asakawa also served as executive assistant to the prime minister during the period of the Aso Cabinet (20082009). ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. The UPSC Syllabus explicitly covers all the major financial institutions. It was seen as a long-standing priority of the Japanese government as a process by which national economies become more regionally connected. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. Between 1989 and 1992 Asakawa was seconded by the Japanese Ministry of Finance to serve as an Executive Assistance to the fifth president of the Asian Development Bank, Kimimasa Tarumizu, in Manila. Prior to joining ADB, he served as Special Advisor to Japans Prime Minister and Minister of Finance, and has a close-to-four decades career at the Ministry of Finance with diverse professional experience that cuts across both domestic and international fronts. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. And it is in this sense that the Asian Development Bank in the end enters the confluence of patriotic ideas associated with the great humanitarian heroes of Asia. He also noted that we are comprehensively reviewing options to further optimize ADBs balance sheet, and that we are engaging closely with the ADB Board on this matter. ADB's operations in 2017, including grants and cofinancing, totaled $28.9 billion. But the US did not warm to the plan and the concept was shelved. In this conversation with international broadcaster Zeinab Badawi, ADB President Masatsugu Asakawa shares his thoughts on the pandemic situation, including how he envisages the recovery of the Asia and the Pacific region. The per capital foreign aid to Southeast Asia is only $2.50 while it is $5.90 to Africa and $5 to Latin America. White Revolution: Meaning, Short Note | Operation Flood, IUCN Red List: Categories, Critically Endangered Species in India, Representation of Peoples Act: Salient Features, RPA 1951 UPSC, Roles and Functions of Asian Development Bank, Biosphere Reserves in India Notes for UPSC Exam, BYJU'S Exam Prep: The Exam Notable projects and technical assistance, Largest countries and regions by subscribed capital and voting power, Joined as "British Hong Kong", not "Hong Kong SAR", United Nations Economic and Social Commission for Asia and the Pacific, Banking the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, Department of Foreign Affairs (Philippines), South Asia Subregional Economic Cooperation, "Masatsugu Asakawa Elected ADB President", "Scholarship Program: List of Academic Institutions", "New ADB President Masatsugu Asakawa Assumes Office", "New ADB President Takehiko Nakao Assumes Office", New ADB President Masatsugu Asakawa Assumes Office', "Environment, Climate Change, and Disaster Risk Management", "Information and Communications Technology", "ADF-OCR Merger to Boost Support for Region's Poor", "Management's Discussion and Analysis and Annual Financial Statements", "Private Sector (Nonsovereign) Financing", "ADB raises $118 million from rupee-linked bonds", "Hairatan to Mazar-i-Sharif railway | Railways of Afghanistan", "Water Supply and Sanitation Sector Project Additional Financing in Armenia: General Procurement Notice | Devex", "Proposed Green Power Development Project in Bhutan | Devex", "Government signs loan agreement with ADB for Rural Roads Sector II Investment ProgramProject 4, Special Content Association Releases ConstructionBiz360", "ADB supports vocational education in Indonesia", "Oudomxay hosts belated opening ceremony for water treatment plant", "Food and Nutrition Social Welfare Programme and Project (Capacity Development Project M&E)", "MalolosClark Railway Project: North-South Commuter Railway, PNR Clark - Phase 2", "Philippines: South Commuter Railway Project", "Pacific banks go branchless to reach the unbanked | Scoop News", "Donor Influence in MDBs: The Case of the Asian Development Bank", "The Asian Development Bank and Food Security", "Inter Press Service News and Views from the Global South", "Large-scale ADB projects draw criticism", "RFI NGO criticises ADB and questions its ability to reduce poverty", (space deliberately omitted after the comma). It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. The Government of India and the Asian Development Bank (ADB) signed a $112 million loan to develop water supply infrastructure and strengthen the capacities of urban local bodies (ULBs) for improved service delivery in four towns in the state of Jharkhand. From 31 . In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. ADB President Masatsugu Asakawa reiterated the banks commitment to strengthening its partnership with Armenia in a virtual meeting with Deputy Prime Minister of Armenia Mher Grigoryan. Asakawa has also worked in various positions in other international agencies. Keynote address by Masatsugu Asakawa,President, Asian Development Bank, at the 21st Ministerial Conference of Central Asia Regional Economic Cooperation (CAREC) Program, 24 November 2022, SpeechbyMasatsugu Asakawa,President,ADB, at the Indonesia Energy Transition Mechanism (ETM) Country Platform launch, 14November 2022 inBali, Indonesia, Keynote address byMasatsugu Asakawa,President,Asian Development Bank, at the Business 20 (B20) Summit dialogue forum of the G20, 13 November 2022 inBali, Indonesia, Speech byMasatsugu Asakawa, President, Asian Development Bank,at the 14th IMT-GT Summit, Phnom Penh, Cambodia, 10 November 2022, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session (Part II), at the 55th Annual Meeting, 27 September2022, Opening statement byMasatsugu Asakawa, President, Asian Development Bank, to press conferenceat the 55th Annual Meeting, 27 September2022, Speech by Masatsugu Asakawa, President, Asian Development Bank, at the G20 2022 Ministerial Symposium on Tax and Development, 14 July 2022, Bali, Indonesia, Keynote address by Masatsugu Asakawa, President, Asian Development Bank, at the Sydney Energy Forum, 12 July 2022, Sydney, Australia, Keynote speech byMasatsugu Asakawa, President, Asian Development Bank, at the 2022 Global Meeting of the Emerging Markets Forum, 18 May 2022, Paris, France, Address byMasatsugu Asakawa, President, Asian Development Bank, to the Board of Governors Business Session, at the 55th Annual Meeting, 5 May 2022. As I have told the Asian Labor Ministers Conference just ended in Manila, the Asian Nations today are in the position of being required to wage an industrial revolution without exploitation, no nation today is permitted to suspend human rights in deference to an urgent period of economic development. Asian Development Bank and the Government of India signed a $300 million loan as additional financing to scale up the improvement of rural connectivity to help boost the rural economy in the state of Maharashtra. I am aware that the Bank will, at this initial stage of its existence, have to face and solve some difficult problems, such as the formulation of policies concerning loans, investment, guarantees and other related problems, not to mention the problems of administration and appointing the right people to the right positions and getting them from as many member countries as possible. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. In conclusion, may I say to the men behind this bank; congratulations and best wishes as you go forth on your historic mission of building a better life for the peoples of Asia. ADB is a multilateral development bank with headquarters in Manila, resident missions across the Asia and Pacific region, and representative offices in Tokyo, Frankfurt, and Washington, DC. While the institution had such operations since the 1980s (under pressure from the Reagan Administration) the early attempts were highly unsuccessful with low lending volumes, considerable losses and financial scandals associated with an entity named AFIC. Asian Development Bank is a financial institution. The President congratulated PM Modi for his leadership in handling the COVID-19 pandemic and on India's assumption of the G20 Presidency for 2023. ADB was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. ADBs highest policy-making body is the Board of Governors, which comprises one representative from each member nation 48 from the Asia-Pacific and 19 from outside the region. [10], The highest policy-making body of the bank is the Board of Governors, composed of one representative from each member state. President Masatsugu Asakawa met with India Prime Minister Narendra Modi and Finance Minister and ADB Governor Nirmala Sitharaman during his visit to New Delhi on 20-22February 201. This is not only because most Asian countries lack the capital and the means of development. The election result was announced by the Chair of AIIB's Board of Governors during the Bank's fifth Annual Meeting on Tuesday, July 28. Established in 1966, it is owned by 68 members49 from the region. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . President of the Philippines Contact numbers/Trunk lines:8734-74-20 | 8734-59-66 Local 134. (Asian Development Bank publication, "Towards a New Asia", 1977, p.16). "[57], There had been criticism that ADB's large scale projects cause social and environmental damage due to lack of oversight. We shall meet these responsibilities. The Board (i) takes decisions concerning policies of the bank, and loans, guarantees, investments and technical assistance by the bank, (ii) approves borrowings by the bank, (iii) clears the financial accounts of the bank for approval by the Board of Governors, and (iv) approve the budgets of the bank. An absolute delight to interact with young minds; eager, enthusiastic & bright. It is my fond hope that other ECAFE countries such as the Soviet Union will now come into the bank, or at least participate in the development of Asia through the special fund of the bank. All content is in the public domain unless otherwise stated. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. The bank employs about 3,000 people, representing 60 of its 68 members. Asian Development Bank President Masatsugu Asakawa is the President of the Asian Development Bank and the Chairperson of ADB's Board of Directors. India is one of the founding members of the ADB. This culminated with the Board's formal recognition if these achievements in March 2008, when the Board of Directors formally adopted the Long Term Strategic Framework (LTSF). However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. None can doubt its relevance to the mighty stirring towards a new life of progress and dignity in this oldest of continents. In the same year, the ADB committed a $20 million loan to Electric Networks of Armenia, that will ensure electricity for the citizens during the pandemic, as well as approved $500,000 in regional technical assistance to procure personal protective equipment and other medical supplies.[22]. The ADB defines itself as a social development organization that is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. He also played a key role in rolling out a series of new and innovative financing initiativesincluding an Energy Transition Mechanism to spur the regions low-carbon development and elevated ADBs 2030 cumulative climate financing ambition to $100 billion as ADB continues to focus on the battle against climate change. Ahigh-level panel of experts exchanged views on what it will take to ensure that developing Asias Great Reset points the regiontoward a green, resilient,andinclusivefuture. [21], In 2009, ADB's Board of Governors agreed to triple ADB's capital base from $55 billion to $165 billion, giving it much-needed resources to respond to the global economic crisis. One of the most active sub-sectors of finance is the PSOD's support for trade finance. Official Gazette of the Republic of the Philippines, 63(4), 791-795. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. United Nations Environment Programme Finance Initiative. He was first elected to the position on May 28, 2015 by the Bank's Board of Governors at its Annual Meetings held in Abidjan, Cte d'Ivoire. Watanabe, Takeshi. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. President Asakawa also expressed his strong support for the India's G20 presidencys focus on financing for sustainable cities, noting that the Asia and Pacific region will be home to 1 billion additional urban residents by 2050. Its headquarters are located in Mandaluyong in the greater metropolitan area of Manila in the Philippines. They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. They discussed recently improved economic developments, coordination with international financial institutions, and country partnership strategy (2021-2024) priority areas, including climate change, renewable energy, food security and domestic resource mobilization. Explore We must at last face the truth that there is no choice for our countries except to cooperate. The Asian Development Bank is an important topic for both the Prelims and Mains. The Asian Development Bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. Excellencies and distinguished colleagues, on behalf of the Asian Development Bank, I am pleased to join the V20 ministerial dialogue. To download the Asian Development Bank UPSC Notes PDF, click here. 20112016: Chair for Committee on Fiscal Affairs. Countries in central and west Asia have endorsed three new cross-border cooperation initiatives to help accelerate the regions recovery from the COVID-19 pandemic, improve food security, and boost the development of clean energy. ADB encourages websites and blogs to link to its web pages. The decade also saw an expansion of ADB's membership with the addition of several Central Asian countries following the end of the Cold War. India is one of the founding members of the Asian Development Bank. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. In the early 1990s, ADB moved its offices to Ortigas Center in Pasig City, with the Department of Foreign Affairs (Philippines) taking over its old Pasay premises. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. Today, most of our countries, irrespective of our stages of development and political beliefs, are signatories to covenants and conventions under the United Nations which bind us to accord to workers the freedom of organization and collective bargaining and the protection of various labor laws. Asia with more than half the world population and a steady trend of population growth is at the very center of the world crisis. [2] He joined the Ministry of Finance in Japan the same year. ADB's participation is usually limited but it leverages a large amount of funds from commercial sources to finance these projects by holding no more than 25% of any given transaction.[38]. Despite an initial mixed reaction, support for the establishment of a new bank soon grew. He was elected President by the Asian Development Bank's Board of Governors. However, the idea received a cool reception from the World Bank itself and the study group became discouraged. Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (19962000). Asian Development Bank is an official United Nations Observer. Traditionally, and because Japan is one of the largest shareholders of the bank, the president has always been Japanese. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. Although he initially declined, pressure came from other countries and Watanabe agreed. Along with this, one needs to practice the UPSC Previous Year Questions. Executive Director Donald Bobiash and Canada's Ambassador to the Philippines David Hartman, along with other delegates from Canada,joined Governor Sajjan in the meeting. The regional Asian Development Bank members are: Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, Cook Islands, Federated States of Micronesia, Fiji, Georgia, Hong Kong, China, India, Indonesia, Japan, Kazakhstan, Kiribati, Kyrgyz Republic, Lao Peoples Democratic Republic, Malaysia, Maldives, Marshall Islands, Mongolia, Myanmar, Nauru, Nepal, New Zealand, Niue, Pakistan, Palau, Papua New Guinea, Peoples Republic of China, Philippines, Republic of Korea, Samoa, Singapore, Solomon Islands, Sri Lanka, Taipei, China, Tajikistan, Thailand, Timor-Leste, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, and Viet Nam. On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn This document dated May 2008 is provided for the ADB project 39408-013 in Bangladesh. Reports and recommendations of the president (RRP) describes the terms and conditions of a project for consideration for approval by ADB. He was elected President by ADBs Board of Governors and assumed office on 17 January 2020. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. Between 1999 and 2000 he served as head of the Technical Assistance Management Unit in the Fiscal Affairs Department of the International Monetary Fund. Question: Rapid Financing Instrument and Rapid Credit Facility are related to the provisions of which of lending by which of the following? CNBC Transcript: Takehiko Nakao, President, Asian Development Bank March 26, 2018, 8:48 PM Following is the transcript of a CNBC interview with Takehiko Nakao, President of the Asian. Critics also point out that the PSOD is the only Department that actually makes money for the ADB. He served for seven years until January 2020, overseeing an . Asian Development Bank UPSC President Asakawa conveyed ADBs intention to provide $20 billion -$25 billion resources over 5 years to advance the countrys aspirations for fast, inclusive, and green growth.
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