Kathmandu, August 5

The Asian Development Bank (ADB) Board of Governors has unanimously re-elected Takehiko Nakao as President of ADB for a further five years beginning November 24, 2016.

Nakao was first elected as president by the Board of Governors on April 28, 2013 to serve the three-and-a-half years remaining of the term of his predecessor, Haruhiko Kuroda, according to a media release issued today.

Nakao is the ninth president of ADB. He was the sole nominee after ADB’s governors were invited from May 31 to June 30 to make nominations for the organisation’s presidency.

During Nakao’s first term, ADB has realigned its strategic priorities through the Midterm Review of Strategy 2020 and increased its lending capacity from $13 billion in 2014 to $20 billion by 2020 through the merger of Asian Development Fund operations with the Ordinary Capital Resources balance sheet.

Prior to joining ADB in 2013, Nakao was a senior official in the Ministry of Finance, Japan, where he gained extensive experience in international finance and development. Nakao also taught international finance as a visiting professor at the University of Tokyo in 2010 and 2011.

Born in 1956, Nakao holds a bachelors degree in economics from the University of Tokyo and an MBA from the University of California, Berkeley, the release adds.