MANILA, PHILIPPINES (9 September 2024) — Asian Development Bank (ADB) President Masatsugu Asakawa today announced his intention to step down from his position, effective 23 February 2025.

Mr. Asakawa has served as ADB President since 17 January 2020, succeeding Takehiko Nakao. Over the course of his tenure, Mr. Asakawa has led the institution through unprecedented global challenges and significant milestones that have strengthened ADB’s role in fostering development and resilience across Asia and the Pacific.

“It has been a profound honor to serve as President of ADB,” said Mr. Asakawa. “I am deeply grateful for the support of our Board, member governments, and the dedication of our Staff in delivering on ADB’s mission to promote inclusive, resilient, and sustainable growth. After careful reflection, I believe the time is right for new leadership to bring fresh perspectives and renewed energy to this essential work.”

Under Mr. Asakawa’s leadership, ADB launched a swift and comprehensive response to the COVID-19 pandemic, including the creation of a $20 billion response package that provided critical support to the most vulnerable communities. The establishment of the Asia Pacific Vaccine Access Facility ensured the procurement and distribution of life-saving vaccines to millions across the region.

Mr. Asakawa also spearheaded the repositioning of ADB as the Climate Bank for Asia and the Pacific, with a commitment to mobilize at least $100 billion in climate financing by 2030 to support mitigation and adaptation efforts, including through the private sector.

In addition, he oversaw key reforms to ADB’s Capital Adequacy Framework, which will unlock an additional $100 billion in lending capacity over the next decade, enabling ADB to continue addressing the region’s development challenges.

He also prioritized strengthening domestic resource mobilization, helping developing member countries build more resilient financial systems through improved tax policies, financial sector reforms, and public financial management.

The Asian Development Fund (ADF) has been pivotal in supporting the region’s poorest and most vulnerable nations. Under Mr. Asakawa’s leadership, the ADF achieved a $5 billion replenishment, reinforcing ADB’s commitment to inclusive and sustainable growth in its developing member countries.

“ADB is in a strong position to continue delivering on its mission in fostering development across Asia and the Pacific,” said Mr. Asakawa. “I am dedicated to fulfilling my responsibilities with the utmost commitment until my final day at ADB.”

The election of ADB’s new president will follow an open, transparent, and merit-based process in accordance with ADB’s Charter. 

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.