The Asian Development Bank (ADB) on Friday confirmed the appointment of Japan’s former top currency bureaucrat as its next President.

Takehiko Nakao, 57, will assume his post next week, replacing countryman Haruhiko Kuroda, who resigned to accept the job of Japan’s Central Bank Governor in March, the Manila-based ADB said.

All Presidents of the bank have been Japanese since it was founded in 1966.

Nakao was formerly Vice Minister of Finance for International Affairs, the title given to Japan’s most senior civil service position with the Finance Ministry.

He has “extensive experience in international finance and development, and broad and deep knowledge of the Asian region,” said Indian Finance Minister P Chidambaram, Chairman of the ADB Board of Governors and Finance Minister of India.

Nakao has said he will ensure adequate financial resources for the ADB, and promote public-private partnerships.

Nakao was the only nomination, and will serve out the rest of Kuroda’s term, which is to expire in November 2016.

(This article was published on April 26, 2013)
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