• ADB’s Nakao seeks reelection

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    Manila-based Asian Development Bank (ADB) said its current president Takehiko Nakao is seeking reelection after the end of his term on November 26.

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    In a statement on Friday, the multilateral lender said Nakao expressed his intention to stand for reelection as President for the next five-year term.

    ADB presidents are nominated from ADB’s regional members for a five-year term, and are elected by the ADB Board of Governors, it explained.

    Nakao said while developing Asia has achieved a lot in terms of economic development and poverty reduction, as many as 450 million people are still in extreme poverty.

    “Gender equality should be enhanced. Climate actions continue to be an urgent priority.

    The private sector should be further developed. More effective regional cooperation is needed,” he said.

    “If reelected, I will continue to make the utmost efforts to tackle the remaining and new challenges of our developing member countries in the Asia and Pacific region,” Nakao added.

    Nakao is the ninth president of the ADB. He was elected in April 2013, following Haruhiko Kuroda’s resignation.

    In a career spanning more than three decades, Nakao has held senior positions in the Ministry of Finance of Japan, and has extensive experience in international finance and development.

    Nakao also served as visiting professor at the University of Tokyo in 2010 and 2011, teaching international finance.

    Born in 1956, Nakao holds a B.A. in Economics from the University of Tokyo and a Master of Business Administration from the University of California, Berkeley.

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