Because it will be mainly managed by Asians, and staffed by Asian experts, the ADB would be to orient itself to the peculiar needs and requirements of the Asian countries. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan). To decide, the 18 prospective regional members of the new bank held three rounds of votes at a ministerial conference in Manila in November/December 1965. In the UPSC Prelims Syllabus, the topic is mainly concerned with the Current Affairs part, along with the members and all. This page was last edited on 26 February 2023, at 02:25. It assists its members and partners by providing loans, technical assistance, grants, and equity investments to promote social and economic development. [40] ADB has raised Rs 5 billion or around Rs 500 crores from its issuance of 5-year offshore Indian rupee (INR) linked bonds. United Nations Environment Programme Finance Initiative. It would help you to prepare for the upcoming UPSC exam. [58][59], The bank has been criticized over its role and relevance in the food crisis. Official Gazette of the Republic of the Philippines, Official Gazette of the Republic of the Philippines. Asian Development Bank UPSC 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. 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. 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. The early 2000s saw a dramatic expansion of private sector finance. 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). Asian Development Bank maximizes the development impact of its assistance by facilitating policy dialogues, providing advisory services, and mobilizing financial resources through co-financing operations that tap official, commercial, and export credit sources. When Watanabe was recommended, the two streams proposing a new bankfrom ECAFE and Japancame together. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. India is one of the founding members of the Asian Development Bank (ADB). Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). History of ADB. Asian Development Bank (ADB) has listed its 10-year masala bonds worth 850 crores on the global debt listing platform of India INX (BSE-owned exchange). Mr. Shixin Chen is the Vice-President (Operations 1) of the Asian Development Bank (ADB). 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. He was elected President by the Asian Development Bank's Board of Governors. Established in 1966, it is owned by 68 members49 from the region. The questions concerning Asian Development Bank are asked both in UPSC Prelims and UPSC Mains, along with sometimes at the Interview stage also. Stefania Palma, Asia editor of The Banker, speaks with Takehiko Nakao, president of Asian Development Bank, during the 2016 ADB meeting held in Frankfurt, Ge. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%. We know, however, the proximate causes of the success of this great idea of the ADB. [18], Following considerable pressure from the Reagan Administration in the 1980s, ADB reluctantly began working with the private sector in an attempt to increase the impact of its development assistance to poor countries in Asia and the Pacific. At the start, it had 31 members but it has grown to 68 members out of which 49 are within Asia and the Pacific. But the US did not warm to the plan and the concept was shelved. The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. He was also formerly the vice minister for international affairs in the Ministry of Finance in Japan. We also recognize the potential complementarities in our different development programs which can be approached so as to lessen costs and increase the benefits available to the nations concerned. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. The bank employs about 3,000 people, representing 60 of its 68 members. ADB partners with other development organizations on some projects to increase the amount of funding available. : The President, Asian Development Bank, Mr. Takehiko Nakao calls on the Prime Minister, Shri Narendra Modi, in New Delhi on February 05, 2015.jpg Licensing[edit] This file is a copyrighted work of the Government of India, licensed under the Government Open Data License - India (GODL). Article 31), The 12 Directors of the ADB Board of Directors are elected by the Board of Governors. In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. Managing Director General, Office of the President, Asian Development Bank . 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. [5] A brief summary of Masatsugu Asakawa's career in the Ministry of Finance in Japan is as follows: On 2 December 2019, it was announced that Asakawa had been unanimously elected by Board of Governors of Asian Development Bank (ADB) as the 10th president of the Bank. Panelists in this event addressed how economies in Asia and the Pacific can achieve an energy transition that meets rapidly rising demand. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." And I shall add that this event is auspicious not only for the people of Asia, but also for the peace of the world. The current president is Masatsugu Asakawa. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (20112016). [18], Early loans went largely to Indonesia, Thailand, Malaysia, South Korea and the Philippines; these nations accounted for 78.48% of the total ADB loans between 1967 and 1972. 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. The UPSC Syllabus explicitly covers all the major financial institutions. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. In 2014, $9.2 billionor nearly halfof ADB's $22.9 billion in operations were financed by other organizations. [63] The year after a member's name indicates the year of membership. [5] The former ADB president, Takehiko Nakao, announced that he would retire as ADB president on 16 January 2020 so Asakawa took up his position as ADB president on 17 January 2020. One of the most controversial ADB-related projects is Thailand's Mae Moh coal-fired power station. Masatsugu Asakawa ( , Asakawa Masatsugu, born 25 January 1958), a Japanese civil servant, is the president of the Asian Development Bank (ADB). The Board of Governors, in turn, elect among themselves the twelve members of the board of directors and their deputies. The list of member countries suggests that the Asian Development Bank is not a mere regional bank that its name might imply. According to the latest data, the top five shareholders of the Asian Development Bank are Japan and the United States (each with 15.6% of total shares), followed by the Peoples Republic of China (6.4%), India (6.3%), and Australia (5.8%). ', https://en.wikipedia.org/w/index.php?title=Masatsugu_Asakawa&oldid=1141328419, 20002002: Regional Financial Cooperation Division, International Bureau, 20022004: International Tax Policy Division, Tax Bureau, 20042006: Foreign Exchange Markets Division, 20072008: Director for Co-ordination Division, International Bureau, 20092013: Deputy Vice Minister for International Affairs, 20122013: Senior Deputy Director-General, International Bureau and Executive Assistant to Deputy Prime Minister and Finance Minister, Ministry of Finance, 20132014: Deputy Vice Minister for Policy Planning and Co-ordination, 20142015: Director-General of the International Bureau. It creates prosperity that can be shared throughout society and benefit the poorest and most vulnerable people. Asian Development Bank is an official United Nations Observer. 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. 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. Cooperation, therefore, is no longer optional, when one thinks in broad terms, but a necessity imposed upon our countries by the common objective of development. The main role of the Asian Development Bank is to support the projects of its member countries to make an economic impact, processed through public and private sector operations, and advisory services. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. [13], The headquarters of the bank is at 6 ADB Avenue, Mandaluyong, Metro Manila, Philippines,[14][15] and it has 42 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo and Sydney. This is not only because most Asian countries lack the capital and the means of development. The World Bank has given Southeast Asia only 5.3 per cent of all loans. He was elected President by ADB's Board of Governors and assumed office in April 2013. In the 1990s, ADB began promoting regional cooperation by helping the countries on the Mekong River to trade and work together. President of the Philippines On the Inauguration of Asian Development Bank [Delivered in Makati, Rizal, December 19, 1966] THE ADB: CORNERSTONE OF A NEW LIFE IN ASIA The Filipino people are proud to share with you on our native soil this historic moment in the life of modern Asia. This assurance has been given by the Vice President of the South Asian Region . But the most important efforts in this direction must come, not from outside the region but from within. The President is Chairperson of the Board of Directors and under the Board's direction conducts the business of ADB. Asian Development Bank aims to promote social and economic development in Asia and the Pacific. [34], ADB obtains its funding by issuing bonds on the world's capital markets. 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. The Asian Development Bank (ADB) envisions a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty in the region.
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