Kathmandu, July 18:

Tadao Chino, former president of the Asian Development Bank (ADB), passed away due to liver failure in Tokyo yesterday at the age of 74.

Serving as president from 1999 to 2005, Chino steered ADB through a challenging period that included providing assistance to several developing member countries still suffering from the effects of the 1997-1998 financial crisis, states a press release.

Soon after Chino’s arrival, ADB approved its Poverty Reduction Strategy, declaring poverty reduction its overarching goal.

Under that goal, negotiations for the replenishment of the Asian Development Fund (ADF VIII) — ADB’s major source of concessional funds for the poor — were started. He also helmed negotiations for ADF IX, securing funding for 2005-2008.

Addressing new challenges, Chino oversaw the adoption of the institution’s private sector development strategy in 2000, and the reorganisation of ADB in 2002, together with its Resident Mission Policy. “Under his leadership, ADB adopted its long-term strategic framework to provide strategic direction and to position ADB to help its member countries achieve the Millennium Development Goals (MDGs) by 2015,” states the release.

“Chino was a strong voice for eradicating poverty,” said ADB president Haruhiko Kuroda.

Chino’s involvement in ADB dates back to the institution’s creation as a regional development bank. His efforts led to the founding of ADB in 1966. He is survived by his wife and two daughters.