Japanese Masato Kanda was elected as the 11th President of ADB
Appointment
4 min read
The Board of Governors of the multilateral Asian Development Bank announced on 28 November 2024 that Masato Kanda of Japan has been elected as the 11th President of the Bank.
Masato Kanda will replace the current President, Masatsugu Asakawa, who will leave his office on 23 February 2025.
Currently, 59-year-old Masato Kanda is a Special Advisor to Japan’s Prime Minister and Minister of Finance.
Term of Masato Kanda as the ADB President
Masato Kanda will assume office on 24 February 2025.
The term of the ADB President is five years, and is eligible for re-election.
However, as Masatsugu Asakawa has resigned in the mid-term of his office thus, Masato Kanda will serve the remainder of the term of Masatsugu Asakawa.
Masato Kanda will remain in office till 23 November 2026.
How is the President of the ADB elected?
The bank’s Board of Governors elects the President of the ADB. The Finance Minister of the member country represents the country on the Board, with a senior bureaucrat as an Alternate Governor.
Union Finance Minister Nirmala Sitharaman represents India on the Board of Governors, and Ajay Seth is the Alternate Governor.
The Bank’s Board of Governors can nominate a person as the candidate for the election to the post of the President of the ADB.
The voting is done by the member countries, and the value of each member country's vote is proportional to the equity share it holds in the ADB.
Japan and the United States of America are the largest shareholders of the ADB, with an equity share of 15.6 % each.
China is the third largest shareholder, with 6.4 %, and India is the fourth largest with 6.3% shares.
Thus, the vote's value in Japan will be 15.6 %, while that of India will be 6.3%.
A candidate for President of the ADB needs to secure a majority vote.
Due to an understanding between Western countries, a Japanese person has been elected President of the ADB since its establishment in 1966.
The Western Countries and their allies in Asia Pacific—the United States, Australia, Italy, Germany, South Korea, Canada, New Zealand, France, the United Kingdom, and others—hold a 66.8 % share in the ADB.
Asian Development Bank
Asian Development is one of the regional multilateral development banks established worldwide.
It is focused on the Asia Pacific region.
It provides loans to member countries for development purposes and offers consultancy and technical services, among other things, for poverty alleviation.
Members- 69 countries
Headquarters: Mandaluyong City, Metro Manila, Philippines
President: Masatsugu Asakawa
President Elect: Masato Kanda
