The UPSC Syllabus explicitly covers all the major financial institutions. The current president is Masatsugu Asakawa. ADB joined with key partners in Indonesia to sign a memorandum of understanding to jointly explore the early retirement of the first coal-fired power plant owned by an independent power producer under ADBs Energy Transition Mechanism. William R. Thomson, the former Vice President at the Asian Development Bank (ADB), will join Global Bank as Senior Advisor to the President, Ron Nechemia, and as a member of the Global Bank. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. From then on, the Private Sector Operations Department (PSOD) grew at a very rapid pace, growing from the smallest financing unit of the ADB to the largest in terms of financing volume. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADBs Board of Directors. ADB President Masatsugu Asakawa on 18 February delivered akeynote messageduring ESCAP's High-Level Dialogue themed, Shaping the Future of Regional Cooperation in Asia and the Pacific.. [6], After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. In the case of the Philippines, alone, we have projected our need for foreign investments at more than P3.5 billion over the next three years of a four-year program period. [19][20], In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985. Established in 1966, it is owned by 68 members49 from the region. As a key player in the concept, Japan hoped that the ADB offices would be in Tokyo. 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. One of the most active sub-sectors of finance is the PSOD's support for trade finance. 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. We are giving the world the first concrete manifestation of regional economic cooperation in Asia. [58][59], The bank has been criticized over its role and relevance in the food crisis. 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Asian Development Bank UPSC: Members & President | ADB UPSC On 8 February, I got an opportunity to share my thoughts and exchanged ideas | 10 comments on LinkedIn They also discussed topics of common interest including climate finance, food security, gender, safeguards, and ADB capital adequacy. Along with this, one needs to practice the UPSC Previous Year Questions. 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. Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB's Board of Directors. [18], In early 2012, the ADB began to re-engage with Myanmar in response to reforms initiated by the government. A brief history of the Asian Development Bank DevelopmentAid Environmental and human rights activists say ADB's environmental safeguards policy as well as policies for indigenous peoples and involuntary resettlement, while usually up to international standards on paper, are often ignored in practice, are too vague or weak to be effective, or are simply not enforced by bank officials. Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. (They are Afghanistan, Australia, Cambodia, Ceylon, Nationalist China, India, Iran, Japan, Korea, Laos, Malaysia, Nepal, New Zealand, Pakistan, The Philippines, Singapore, South Vietnam, Thailand and West Samoa. ADB released its inaugural climate-related financial disclosures report, further demonstrating ADBs commitment to addressing climate change as Asia and the Pacifics climate bank. Because of this, the Asian countries must turn to each other and to the developed countries of the West for the additional capital they need for their development. In parallel, the concept was formally proposed at a trade conference organized by the Economic Commission for Asia and the Far East (ECAFE) in 1963 by a young Thai economist, Paul Sithi-Amnuai. As noted earlier, this culminated in the Long Term Strategic Framework (LTSF) which was adopted by the Board in March 2008. In addition, the increasing prosperity of many people in the region created a widening income gap that left many people behind. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. What will make the burden of Mr. Watanabe lighter is the fact that he has a board composed of knowledgeable men and experts in their own fields. Asia with more than half the world population and a steady trend of population growth is at the very center of the world crisis. They also have the capability to provide guarantees, equity and mezzanine finance (a combination of debt and equity). In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years. 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%). [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. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. At the time a country ceases to be a member, the Bank shall arrange for the repurchase of such country's shares by the Bank as a part of the settlement of accounts with such country in accordance with the provisions of paragraphs 3 and 4 of Article 43.[64]. That such can already be done in the worlds vastest and least homogenousregion, compliments the maturity and open-mindedness of the Asian nations. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. (Charter. (ESCAP, United Nations Publication March 2007, "The first parliament of Asia" pp. ADBPresident Masatsugu Asakawa and AFDChief Executive Remy Rioux today signed a new Partnership Framework Agreement (PFA) to guide development collaboration in Asia and the Pacific from 2022 to 2028. Learn more about the Philippine government, its structure, how government works and the people behind it. This is the foreign exchange gap involved in economic modernization and the raising of productivity. Mr. Asakawas professional experience extends beyond the realms of the Japanese government. Japanese presidents Inoue Shiro (197276) and Yoshida Taroichi (197681) took the spotlight in the 1970s. Asakawa, who took office on 17 January 2020, is the 10th president of ADB. 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. The economic development of the Western Nations of Japan took place under different historical conditions when capitalism was in its primitive and notorious stage and completely indifferent to the human wreckage that it left in its wake. In a frank and engaging conversation with international broadcast journalist Zeinab Badawi, ADB President Masatsugu Asakawa offered his vision and ideas for change towards a better, greener, more sustainable, and resilient Asia and the Pacific. Looking ahead, the race between agricultural output and population is assuming formidable dimensions. He was elected President by ADB's Board of Governors and assumed office on 17 January 2020. He was elected President by the Asian Development Bank's Board of Governors. He was elected President by the Asian Development Banks Board of Governors. The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966,[4] which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The Asian Development Bank (ADB) is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia . In the meantime, he gave lectures as Visiting Professor at the Graduate School of Economic Science, Saitama University (20062009), and at the Graduate School of Arts and Sciences, University of Tokyo (20122015). (UPSC 2022). Keynote speech by ADB President Masatsugu Asakawa at the 2020 ADBI Annual Conference on The Impacts of the COVID-19 Pandemic and its Policy Implications. Two of the USState Departments 2021 Anticorruption Champions ProTenge.KZ Founder Jamilya Maricheva and Anti-Corruption Organization of Thailand Executive Committee Member Torplus Yomnak and former Undersecretary General for UN Internal Oversight Services Heidi Mendoza shared their experiences and insights at a session onBuilding Trust, Igniting Integrity: Sustaining relationships in rebuilding Asia and the Pacific. Its membership, covering 19 countries within the ECAFE region and 12-non-regional ones, in fact constitutes the biggest difference from other similar organizations. In 1982, ADB opened its first field office, in Bangladesh, and later in the decade, it expanded its work with non-government organizations (NGOs).[18]. On 26 Feb 2020, ADB raises $118 million from rupee-linked bonds and supporting the development of India International Exchange in India, as it also contributes to an established yield curve which stretches from 2021 through 2030 with $1 billion of outstanding bonds. The bank also maintains 31 field offices around the world[5] to promote social and economic development in Asia. Official Gazette of the Republic of the Philippines, 63(4), 791-795. The Asian Development Bank (ADB) was founded on December 19, 1966, as a regional development bank under the leadership of Japan. This page was last edited on 24 February 2023, at 14:18. The Asian Development Bank supports the projects in developing member countries that create development, and economic impact, which is delivered through both public and private sector operations, knowledge support, and advisory services. About Asian Development Bank | Flickr [41], ADB has an information disclosure policy that presumes all information that is produced by the institution should be disclosed to the public unless there is a specific reason to keep it confidential. 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. Asian Development Bank: Founded in 1966, its headquarters are in Manila, Philippines. List of Presidents of Asian Development Bank: (1966-2022) Name: Tenure period: Country: Takeshi Watanabe: 1966-1972 : Japan: Shiro Inoue: 1972-1976: Japan: Taroichi Yoshida: 1976-1981: Japan: Masao Fujioka: 1981-1989: Japan: On November 18, 1972, the Bank inaugurated its headquarters along Roxas Boulevard in Pasay City, Philippines. United Nations Environment Programme Finance Initiative. Rao (India), Khouw Bian Tie (Indonesia), Helmut Abramowski (West Germany), W. K. Wardroper (Canada), and Bernard Zagorin (United States). Some of his outstanding achievements in Osaka include the endorsement by the G20 Leaders of the G20 Principles for Quality Infrastructure Investment and the G20 Shared Understanding on the Importance of UHC Financing in Developing Countries. They discussed a range of issues,including ADB support to Indias infrastructure and social development and climate actions, scaling up ADB assistance to meet the countrys priority development needs, and ADBs country partnership strategy for India, 20232027. The CARES Program is funded through the Covid-19 Pandemic Response Option (CPRO) under ADBs Countercyclical Support Facility. It plays a critical role in accelerating economic growth, reducing poverty and economic disparity, raising productivity and employment, and strengthening institutions. [16], (*) As from 17 January 2020, Masatsugu Asakawa was president of ADB.[17]. Asian Development Bank is a regional development bank, established in December 1966. However, eight other cities had also expressed an interest: Bangkok, Colombo, Kabul, Kuala Lumpur, Manila, Phnom Penh, Singapore, and Tehran. Watanabe, Takeshi. President of the Philippines Fujioka Masao, the fourth president (198190), adopted an assertive leadership style, launching an ambitious plan to expand the ADB into a high-impact development agency. The dilemma of modern development in Asia is that it must be pursued hand in hand with the welfare of the poorest people. 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). Asian Development Bank (ADB) - ClearIAS 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. 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). After he took over, ADB made significant contributions to the regional response to the COVID-19 pandemic by providing a $20 million package and a $9 billion Asia Pacific Vaccine Facility. Skills Development Project | Asian Development Bank While the crisis has various visible manifestations, what causes the most concern is the failure of agriculture to satisfy human needs. Most recently, he served as Finance Deputy for the G20 meetings under the Japanese presidency, playing a pivotal role for the success of the G20 Osaka Summit as well as the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka. The choice of the Philippines as the permanent site of the bank enhanced the national prestige. To download the Asian Development Bank UPSC Notes PDF, click here. 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. [4] The Government of Japan nominated Asakawa as a candidate for position of president ADB in September 2019. The main functions of the Asian Development Bank include technical assistance, providing loans, and equality investments to boost economic and social development. The Asian Development Bank (ADB) is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia. A nominee needs to gain at least half of all votes to become the ADB president. 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. The inauguration of the Asian Development Bank will surely be remembered as one of the most auspicious events in the history of the region. In the wake of the second oil crisis, ADB expanded its assistance to energy projects. Jin Liqun has been elected to a second term as President of the Asian Infrastructure Investment Bank (AIIB) by the Bank's Board of Governors. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968. 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 The President of ADB chairs the Board of Directors. Cornelio Balmaceda (Philippines), Byung Kyu Chim (Korea), Masaru Fukuda (Japan).