ADB president Nakao resigns

President of Asian Development Bank (ADB) Takehiko Nakao has announced his resignation, effective on January 16, 2020.

The election for the new president of the Manila-based multilateral lender will be in accordance with the open, transparent and merit-based procedure, said an ADB press release on Tuesday.

Takehiko Nakao had assumed office as the ADB president on April 28 in 2013.

"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," Mr Nakao said in his remark to staff and Board members of the bank.

"ADB will continue to develop and reinvent itself for responding to changing needs of our developing member countries and for pursuing its mission to help achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific," he added.

He also emphasised that ADB must continue to be an important centre for fostering cooperation and friendship among countries.

He pointed to some memorable works, including expansion of the ADB's operations by increasing new lending and grant from $14 billion in 2013 to $22 billion in 2018, merger of Ordinary Capital Resources and concessional lending operation of the Asian Development Fund (ADF), launch of Strategy 2030, cooperation with development partners and his visit to many member countries.

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

[email protected]