Islamabad: Asian Development Bank (ADB) President Masatsugu Asakawa has announced his resignation effective February 23, 2025. According to an ADB statement, he has been serving as the bank’s president since January 17, 2020.
In a statement on Monday, Asakawa expressed that serving as the bank’s president has been a great honor. He thanked the board and member countries’ governments for their support in advancing the mission of promoting inclusive, resilient, and sustainable development.
Under Asakawa’s leadership, the ADB initiated a swift and comprehensive response to support member countries during the COVID-19 pandemic, including the formation of a $20 billion response package. This assistance played a crucial role in providing aid to economically vulnerable communities during the pandemic.
The bank also played a significant role in providing COVID-19 vaccines across Asia and the Pacific, helping save millions of lives in the region. Asakawa also led the process of introducing the ADB as a climate bank in Asia and the Pacific and launched a $100 billion climate finance program through 2030.
He stated his commitment to continuing efforts to promote development across Asia and the Pacific. The selection of the new ADB president will be conducted through an open, transparent, and merit-based process as per the bank’s charter.
