ADB President Takehiko Nakao announces resignation

MANILA, Philippines — The Asian Development Bank announced Tuesday the resignation of its ninth president, Takehiko Nakao.

In a statement, the Manila-based multilateral lender said the resignation of two-termer Nakao will take effect January 16 next year. His five-year term was supposed to end in November 2021.

Nakao was first elected as president by the ADB's Board of Governors in April 2013 to serve the remainder of Haruhiko Kuroda's term. He was reelected in November 2016.

“I am announcing my resignation with a deep sense of satisfaction and gratitude,” Nakao told ADB staff and board members.

“With support from staff, Board members, and member governments, we have achieved many things,” he added.

Before joining ADB, Nakao was the vice minister of finance for international affairs at the Ministry of Finance of Japan.

Under Nakao’s leadership, the ADB saw an increase in new lending and grant to $22 billion in 2018 from $14 billion in 2013.

He also introduced institutional reforms that he said would make the ADB “stronger, better and faster.”

“I am committed that I will do my best in performing my responsibility until my last day at ADB,” Nakao said. — Ian Nicolas Cigaral