The Asian Development Bank (ADB) on Thursday appointed Masato Kanda from Japan as its 11th president.
An ADB press release said Kanda, currently the special adviser to Japan's prime minister and finance minister, had been selected for the post of the Manila-based lender.
He will assume office in late February 2025, succeeding Masatsugu Asakawa, another Japanese national. Asakawa will leave ADB that month.
Kanda, experienced in international finance and having proven leadership in multilateral settings, will complete the unexpired term of Asakawa, which will end on November 23, 2026.
With nearly four decades of experience, Kanda has held key leadership roles at the finance ministry of Japan, including the vice-minister of finance for international affairs.
He has extensive experience in financial sector policy and macro-fiscal policy, having served as the deputy commissioner at Japan's Financial Services Agency, the deputy director general of the Budget Bureau, and the deputy vice-minister for Policy Planning and Coordination.
Kanda is also a leading expert in education and science policy as well as university reforms. He obtained his Bachelor of Laws from the University of Tokyo in 1987 and MPhil in economics from the University of Oxford in 1991.
"Kanda's extensive experience in international finance and proven leadership in multilateral settings will serve ADB well in navigating complex global economic challenges and fostering international cooperation," said Fabio Panetta, chair of the ADB Board of Governors and the governor of the Bank of Italy. "The ADB Board of Governors looks forward to working with Kanda."
During his tenure as the vice-minister of finance for international affairs, Japan made a record contribution of more than $1 billion to the Asian Development Fund's 13th replenishment.
The ADB was established in 1966. It has 69 members - 49 from the Asian region.
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