ADB President Takehiko Nakao resigns

Takehiko Nakao, on Tuesday, announced his resignation from his position as the president of Asian Development Bank (ADB), effective from 16 January 2020, said a news release.  

He took the office as the president on April 28, 2013. The election for a new ADB president will be held in accordance with an open, transparent, and merit-based procedure. 

In his remark to staff and board members, he said: "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."

Some of his memorable works during his tenure include: expanding ADB's operations (increase in new lending and grant from $14 billion in 2013 to $22 billion in 2018, while incorporating more advanced technologies into projects), launching Strategy 2030, strengthening cooperation with development partners, bringing institutional reforms to make ADB "stronger, better and faster", and improving financial sustainability of the staff-pension system by introducing defined contribution plan for new hires, said the release. 

Takehiko Nakao mentioned that ADB will continue to develop and reinvent for responding to changing needs of member countries and for pursuing its mission to help achieve "a prosperous, inclusive, resilient, and sustainable Asia and the Pacific." 

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