Takehiko Nakao elected new ADB president

Former Japanese vice minister Takehiko Nakao is new President of Asian Development Bank (ADB).

Earlier, Haruhiko Kuroda resigned from the ADB top post to assume the charge of Bank of Japan governor.

"Nakao has been unanimously elected President of ADB by its Board of Governors," a statement from the Manila-based multi-lateral institution said here today.

Nakao, 57, Japan’s former Vice Minister of Finance for International Affairs, will assume office as ADB’s ninth President on April 28.

Nakao will finish the unexpired term of his predecessor, which ends on 23 November 2016.

Finance Minister  P Chidambaram, who is also chair of the ADB board of governors, said, "The ADB board of governors looks forward to working with Mr Takehiko Nakao and his strong leadership of the institution. His extensive experience in international finance and development and broad and deep knowledge of the Asian region will serve ADB well in pursuing its vision of an Asia-Pacific region free of poverty.”

The Manila-based multi-lateral institution will hold its annual meeting in Greater Noida, Uttar Pradesh from May 2-5.