New ADB president assumes office

Masatsugu Asakawa from Japan assumed office as the 10th president of the Asian Development Bank (ADB) on Friday, the Manila-based bank said.

Asakawa said he is honored to assume the role of ADB president and looks forward to working in close cooperation with ADB's 68 members, reports Xinhua.

"ADB has been a trusted partner of the region for more than half a century, supporting strong growth that has improved the lives of people across Asia and the Pacific. I will strive to ensure ADB remains the preferred choice of its clients and partners," Asakawa said in a statement.

Asakawa succeeds Takehiko Nakao, who stepped down on Jan 16, 2020.

The ADB said that Asakawa has had frequent engagement with the Organisation for Economic Co-operation and Development (OECD), including as chair of the Committee on Fiscal Affairs from 2011 to 2016.