Japan’s Takehiko Nakao has been unanimously elected as president of the Asian Development Bank (ADB) by its board of governors, said an ADB press release.
57-year old Nakao was Japan’s vice minister of finance for international affairs. He will assume office as ADB’s ninth president on April 28.
He succeeds Haruhiko Kuroda, who resigned in March. Nakao will finish the unexpired term of his predecessor, which ends in November 2016.
“The ADB board of governors looks forward to working with Mr Takehiko Nakao and his strong leadership of the institution,” said P Chidambaram, chair of the ADB board of governors and the finance minister of India.
“His extensive experience in international finance and development, and broad and deep knowledge of the Asian region, will serve ADB well in pursuing its vision of an Asia-Pacific region free of poverty,” Chidambaram added.
In a career spanning more than three decades, Takehiko Nakao has held senior positions in the Japanese ministry of finance, with extensive experience in international finance and development.
He also served as visiting professor at the University of Tokyo in 2010 and 2011, teaching international finance.
Born in 1956, Nakao holds a BA in economics from the University of Tokyo and an MBA from the University of California, Berkeley.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration.
Established in 1966, it is owned by 67 members, 48 of whom are from the region. In 2012, ADB assistance totalled $21.6bn, including co-financing of $8.3bn.