Kuroda steps down as Asian Development Bank chief

To soon takeover as governor of Bank of Japan

Asian Development Bank (ADB) President Haruhiko Kuroda today stepped down after eight years of service and will soon takeover as Bank of Japan Governor.

Under Kuroda's leadership, ADB has transformed into a more relevant, responsive and results-oriented institution, helping developing Asia-Pacific countries reduce poverty and increase standards of living for their people, the multilateral lender said in a statement.

"His extraordinary vision and leadership has enabled ADB to significantly advance its mission of poverty reduction and sustainable economic development in Asia and the Pacific, said Finance Minister P Chidambaram, who is also the chair of the ADB Board of Governors.

Kuroda, who is ADB's longest serving president, has led ADB's growth with its operations tripling from $7.4 billion in 2005 to $21.57 billion in 2012.

He oversaw ADB's first general capital increase in 14 years, which tripled its capital base to $165 billion, and two replenishments of the Asian Development Fund, which raised over $23 billion to help meet the needs of ADB's poorest member countries, the statement said.

Meanwhile Kuroda said: "It is critical that ADB continues to support its member countries in taking advantage of opportunities for growth, and in responding to crises. Of course, much remains to be done in a region still faced with many challenges".