MANILA, PHILIPPINES - Takehiko Nakao assumes office as the ninth President of the Asian Development Bank (ADB) today.

"I am honored to take on the leadership of ADB at a challenging and exciting time. I look forward to working with shareholders and all of our development partners to continue our critical mission of fighting poverty and sustaining growth in the Asia-Pacific region," Mr. Nakao said.

Mr. Nakao succeeds Haruhiko Kuroda, who stepped down in March.

Mr. Nakao has held several senior positions in the Ministry of Finance of Japan, which he joined in 1978. Prior to his appointment at ADB, Mr. Nakao was Vice Minister of Finance for International Affairs, where he gained significant experience in international finance and development, and established close ties with Asia-Pacific's leading figures, as well as those in the international development community.

He holds a Bachelor of Arts in Economics from the University of Tokyo, and a Master of Business Administration from the University of California in Berkeley, California.

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