Asian Development Bank (ADB) President Announces Intent Of Resignation

Takehiko Nakao on Wednesday announced his resignation as the President of Asian Development Bank (ADB), effective from 16 January 2020

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Sep, 2019 ):Takehiko Nakao on Wednesday announced his resignation as the President of Asian Development Bank (ADB), effective from 16 January 2020.

He assumed office as President on April 28, 2013, said an ADB statement received here, adding the election for the new president would be in accordance with the open, transparent and merit-based procedure.� In his�remark�to staff and Board members, Nakao said: "I am announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, Board members, and member governments, we have achieved many things." As memorable works, he referred to expanded ADB's operations (increase in new lending and grant from $14 billion in 2013 to $22 billion in 2018 while incorporating more advanced technologies into projects) He also mentioned the merger of Ordinary Capital Resources and concessional lending operation of the Asian Development Fund (ADF) (which enabled the expansion of operations thanks to much larger combined equity and leverage for concessional lending) The launch of Strategy 2030; important knowledge works including ADB's 50 years history book; his visit to many member countries; cooperation with development partners; institutional reforms to make ADB "stronger, better and faster" ; proactive human resource management; and improving financial sustainability of the staff pension system by introducing defined contribution plan for new hires were the other memorable works, he mentioned.

He mentioned that ADB would continue to develop and reinvent itself for responding to changing needs of developing member countries and for pursuing its mission to help achieve "a prosperous, inclusive, resilient, and sustainable Asia and the Pacific."He also emphasized ADB must continue to be an important center for fostering cooperation and friendship among countries.

Nakao concluded by saying "I am committed that I will do my best in performing my responsibility until my last day at ADB."