28 September 2024 12:11 am Views - 70
Asian Development Bank (ADB) President Masatsugu Asakawa announced yesterday that he would step down from his position, effective February 23, 2025, after over five years of leadership.
Asakawa, who took office on January 17, 2020, had led the bank through unprecedented global challenges and significant milestones that have strengthened its role in fostering development and resilience across Asia and the Pacific, the ADB said.
“After careful reflection, I believe the time is right for new leadership to bring fresh perspectives and renewed energy to this essential work. It has been a profound honour to serve as President of ADB,” Askawa shared on a media statement.
During his tenure, Asakawa steered the regional bank through critical challenges, particularly in addressing the COVID-19 pandemic.
He had led the creation of a US $ 20 billion response package to support vulnerable communities while also establishing the Asia Pacific Vaccine Access Facility, which provided millions of life-saving vaccines across the region.
His efforts were also focused on strengthening domestic resource mobilisation across developing member countries, including Sri Lanka.
Several of these initiatives were aimed at improving tax policies, financial sector reforms and public financial management to help build resilient financial systems.
Moreover, the Asian Development Fund (ADF) was able to secure a US $ 5 billion replenishment under Asakawa’s leadership which had assisted the bank to support the poorest and most vulnerable nations in the region.
For its future plans, the ADB stated that the bank would follow a transparent and merit-based process to elect its new president, in accordance with the institution’s charter.
(NR)