Takehiko Nakao re-elected as President of Asian Development Bank

Takehiko Nakao has been re-elected for a 2nd term as the President of the Asian Development Bank (ADB), which is beginning from November 2016.
He was unanimously elected by the ADB’s Governors. He is the ninth president of ADB and was the sole nominee to make nomination for the organisation’s presidency.
Nakao will have tenure of five years and shall remain head of the ADB till 2021. He was first elected in 2013 to serve the remaining three and a half years term of his predecessor, Haruhiko Kuroda.

About Takehiko Nakao

• Takehiko Nakao had started his career as civil servant with the Finance Ministry of Japan in 1978.
• During his career, he has served variously as Minister at the Embassy of Japan in Washington DC and as an economic advisor at International Monetary Fund (IMF) in 1990s.
• As Japan’s top currency official, Nakao oversaw the Japanese government’s largest ever currency market intervention following the sharp appreciation of the yen in 2011.
• Before joining ADB, Nakao was Vice Minister of Finance for International Affairs, which is the senior most civil service appointment within the Japan’s Finance Ministry.

About Asian Development Bank (ADB)

• ADB is based in Manila, Philippines.
• It is owned by 67 members – 48 from the region including India.
• It is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.

Month: Current Affairs - August, 2016