Asian Development Bank President Haruhiko Kuroda Steps Down

The Asian Development Bank’s longest serving president, Haruhiko Kuroda, stepped down today after eight years at its helm.

AsianScientist (Mar. 18, 2013) – The Asian Development Bank (ADB)’s longest serving president, Haruhiko Kuroda, stepped down today after eight years at its helm.

The mission of the institution is to help developing Asia-Pacific countries reduce poverty and increase standards of living for their people.

Under Kuroda’s watch, ADB’s operations tripled from US$7.4 billion in 2005 to US$21.57 billion in 2012 including cofinancing. To support this growth in operations, Kuroda oversaw ADB’s first general capital increase in 14 years, which tripled its capital base to US$165 billion, and two replenishments of the Asian Development Fund, which raised over US$23 billion to help meet the needs of its poorest member countries.

“Mr. Kuroda has done an exemplary job of leading the Asian Development Bank for more than eight years. 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 P. Chidambaram, Chair of the ADB Board of Governors and Finance Minister of India.

In 2008, ADB adopted a long-term strategic framework to focus its efforts on promoting more inclusive and environmentally sustainable economic growth in Asia and the Pacific, along with regional cooperation and integration.

The same year, ADB became the first multilateral bank to adopt a corporate-wide results framework using performance indicators and targets. Internal reforms also led to an improved efficiency and effectiveness of ADB’s lending, as assessed by the Australian Agency for International Development (AusAID) and the U.K. Department for International Development (DFID).

Challenges faced during Mr. Kuroda’s tenure include the 2008 global financial crisis, which affected many of ADB’s developing member countries. ADB established a US$3 billion Countercyclical Support Facility to meet urgent needs, and expanded its Trade Finance Program, which supported trade, small and medium sized enterprises, and industries in the most challenging markets.

“ADB is, and will continue to be, a very important part of the region’s success,” Mr. Kuroda said. “I am honored to have been entrusted with the leadership of this great organization, and I am proud of all we have accomplished together. Of course, much remains to be done in a region still faced with many challenges. I have every confidence in ADB’s continued success in addressing them.”

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Source: Asian Development Bank.
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