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ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.

Masatsugu Asakawa

Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020.

05 December 2023 ADB participates in ASEAN+3 Economic Cooperation and Financial Stability Forum in Japan

At the Second ASEAN+3 Economic Cooperation and Financial Stability Forum on 5 December in Kanazawa, Japan, President Masatsugu Asakawa, in a recorded speech, underscored the importance of strong regional cooperation in meeting the challenges facing the Asia and Pacific region. He emphasized the vital role of cooperation to ensure macrofinancial stability, promote international trade and investment, build supply chain resilience, and address the climate crisis.

05 December 2023 COP28: ADB pushes for a just energy transition and climate resilience

During the Energy, Industry, and Just Transition Day, ADB's Energy Transition Mechanism (ETM) was featured as the key initiative to reduce CO2 under the managed phase out of coal.

President Masatsugu Asakawa was joined by Indonesia’s Minister of Energy and Mineral Resources (MEMR) Arifin Tasrif, and Monetary Authority of Singapore (MAS) Managing Director Ravi Menon at the high-level session, where ADB, MAS, and the Global Energy Alliance for People and Planet signed a memorandum of understanding to secure $2 billion in support of the region’s energy transition. ADB and MEMR also signed a separate agreement to advance Indonesia’s just and affordable energy transition. Prior to these, a framework agreement for the first ETM transaction, which aims to retire the Cirebon-1 coal-fired power plant nearly seven years ahead of its projected closure, was signed between ADB and the Indonesian Government. Also, VP Fatima and Philippine Department of Energy Undersecretary Felix William Fuentebella separately opened a panel discussion on driving energy transition in a market-based power sector.

At the joint ADB and Coalition of Finance Ministers for Climate Action session, President Asakawa launched the new Climate Resilient Fiscal Planning publication. The Ministries of Finance, ADB, and the Coalition of Finance Ministers for Climate Action discussed how climate-resilient fiscal planning can scale up and align finance with adaptation and resilience.

President Asakawa opened the Scaling Up Local Investments in Adaptation That Leaves No One Behind - Launch of Community Resilience Partnership Program (CRPP) Investment Fund and CRPP Small Grant Window event. ADB, in partnership with the Green Climate Fund, launched the CRPP Investment Fund of $120 million to scale up the implementation of local adaptation solutions through investments in adaptive social protection, community-driven development, resilient livelihoods, and climate risk-informed decentralization.

04 December 2023 COP 28: ADB's active role — Advancing climate action and finance

At COP28 in Dubai, President Masatsugu Asakawa on 4 December participated in key discussions emphasizing ADB's commitment to addressing climate, nature, and gender challenges in the Asia-Pacific region. He highlighted the need to put water and nature at the center of climate action at the High-Level Event on Nature and Water Finance for Climate Action and spoke on MDBs’ important role in catalyzing more financing for the sector. He reaffirmed ADB’s efforts to further water security and resilience under the Asia Pacific Water Resilience Initiative launched at last year’s COP27. At the launch of the Nature Solutions Finance Hub for Asia and the Pacific region, President Asakawa highlighted ADB's commitments to battling climate change and biodiversity loss, aiming to use innovative approaches to catalyze $2 billion into nature-based solutions by 2030.

President Asakawa opened the Rising Above the Heat: Forging Women-Led Solutions to Heat Stress event. This launched a key initiative to strengthen women's resilience to heat through gender-responsive measures, signaling the bank's commitment to integrating heat action planning into new operations.

At the Investing in a Better Tomorrow: Harnessing Financing Coalitions for Accelerating Climate Finance event, President Masa pledged $10 billion climate finance for the Philippines in a high-level panel with the Coalition of Finance Ministers and the Vulnerable Twenty Group. Panelists, including Philippine's Department of Finance Secretary and ADB Governor Benjamin E. Diokno, discussed the importance of coalitions to foster a dialogue on climate finance and innovative financing tools.

01 December 2023 President Asakawa commits support to Armenia; reviews ADB Annual Meeting preparations in Georgia

During his first official visit to Armenia on 27-28 November, President Masatsugu Asakawa held meetings with Prime Minister Nikol Pashinyan, President Vahagn Khachatryan, Deputy Prime Minister Mher Grigoryan, and Finance Minister and ADB Governor Vahe Hovhannisyan to reaffirm ADB’s support to the country. He attended the inauguration of a Yerevan school under ADB’s Seismic Safety Improvement Program (SSIP). President Asakawa witnessed the signing of two loan agreements, a second tranche of SSIP financing, and a new road project in Yerevan.

From 29 November to 1 December in Georgia, President Asakawa met with Prime Minister Irakli Gharibashvili, Finance Minister and ADB Governor Lasha Khutsishvili, Regional Development and Infrastructure Minister Irakli Karseladze, National Bank First Vice-Governor and Acting Governor Natia Turnava and other senior officials and discussed plans to step up ADB’s support for Georgia’s development through diversified engagement. He also met with representatives from the private sector. The President visited the main tunnel along the Kvesheti-Kobi portion of the North-South Corridor and reviewed preparations for the 2024 ADB Annual Meeting in Tbilisi.

22 November 2023 ADB hosts High-Level Experts and Leaders Panel on Water and Disasters (HELP) and High-level roundtable

The HELP meeting, chaired by Dr. Han Seung-soo, former Prime Minister of Korea and Chair of ADB Water Advisory Group, convened at ADB headquarters on 22 November. President Masatsugu Asakawa delivered the welcome remarks. Discussions centered on preparations for the 10th World Water Forum to be hosted by the Government of Indonesia in May 2024. Mainstreaming of water and disasters in global processes and green-grey infrastructure were among the other themes discussed. 

Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020. In August 2021, he was reelected for a 5-year term starting on 24 November 2021.

Under Mr. Asakawa’s leadership, ADB made significant contributions to the region’s COVID-19 pandemic response and recovery planning with a $20 billion comprehensive response package and $9 billion Asia Pacific Vaccine Access Facility. He also played a key role in rolling out a series of new and innovative financing initiatives—including an Energy Transition Mechanism — to spur the region’s low-carbon development and elevated ADB’s 2030 cumulative climate financing ambition to $100 billion as ADB continues to focus on the battle against climate change.

Prior to joining ADB, he served as Special Advisor to Japan’s Prime Minister and Minister of Finance, and has a close-to-four decades’ career at the Ministry of Finance with diverse professional experience that cuts across both domestic and international fronts.

In the immediate aftermath of the Global Financial Crisis, Mr. Asakawa, in his capacity as Executive Assistant to Prime Minister Taro Aso, took part in the first G20 Leaders’ Summit Meeting in November 2008. He was instrumental in orchestrating a globally coordinated financial package to abate the financial crisis, including a $100 billion loan from Japan to the International Monetary Fund (IMF). Then in 2016, in his capacity as Vice Minister of Finance for International Affairs, he took on a leading role for the G7 Finance Ministers and Central Bank Governors’ meeting in Sendai under the Japanese presidency, where a sustainable and inclusive development agenda was extensively discussed.

Most recently, he served as Finance Deputy for the G20 meetings under the Japanese presidency, playing a pivotal role for the success of the G20 Osaka Summit as well as the G20 Finance Ministers and Central Bank Governors’ meeting in Fukuoka. Some of his outstanding achievements in Osaka include the endorsement by the G20 Leaders of the “G20 Principles for Quality Infrastructure Investment” and the “G20 Shared Understanding on the Importance of UHC Financing in Developing Countries”. Before these, he had occupied various prominent positions within the Finance Ministry, including director positions in charge of development policy issues, foreign exchange markets, and international tax policy.

Mr. Asakawa’s professional experience extends beyond the realms of the Japanese government. Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (2011–2016). Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (1996–2000). In the meantime, he gave lectures as Visiting Professor at the Graduate School of Economic Science, Saitama University (2006–2009), and at the Graduate School of Arts and Sciences, University of Tokyo (2012–2015).

Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985.