Money & Banking

Asian Development Bank chief to step down

PTI New Delhi | Updated on March 12, 2018

Asian Development Bank (ADB) President Haruhiko Kuroda today stepped down after eight years of service and will soon takeover as Bank of Japan Governor.

Under Kuroda’s leadership, ADB has transformed into a more relevant, responsive and results-oriented institution, helping to develop Asia-Pacific countries reduce poverty and increase the standards of living for their people, the multilateral lender said in a statement.

“His extraordinary vision and leadership has enabled ADB to significantly advance its mission of poverty reduction and sustainable economic development in Asia and the Pacific, said Finance Minister P. Chidambaram, who is also the chair of the ADB Board of Governors.

Kuroda, who is ADB’s longest serving president, has led ADB’s growth with its operations tripling from $7.4 billion in 2005 to $21.57 billion in 2012.

He oversaw ADB’s first general capital increase in 14 years (capital base tripled to $165 billion), and two replenishments of the Asian Development Fund, which raised over $23 billion to help meet the needs of ADB’s poorest member countries, the statement said.

Meanwhile, Kuroda said: “It is critical that ADB continues to support its member countries in taking advantage of opportunities for growth, and in responding to crises. Of course, much remains to be done in a region still faced with many challenges.’’

Published on March 18, 2013

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