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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.

02 May 2023 2023 Annual Meeting: President Asakawa emphasizes regional cooperation in coping with climate change risks

President Asakawa on 2 May highlighted that regional cooperation remains crucial amid uncertainties and climate change risks in his presentation at the 26th ASEAN+3 Finance Ministers and Central Bank Governors’ (AFMGM+3) Meeting in Incheon. He underscored the need for greater climate finance, which requires strong efforts to mobilize both public and private capital efficiently, urgently, and at a scale to match the severity of climate risks. He reaffirmed ADB’s commitment to generate investments, and create an enabling environment for climate finance in the region. Representatives from the IMF and AMRO joined the Economic Review and Policy Dialogue session of the meeting. 

02 May 2023 2023 Annual Meeting: Pacific DMCs Governors meet ADB Management

President Asakawa participated in the 33rd Pacific Developing Member Countries Governors and ADB Management Meeting on 2 May at the 56th ADB Annual Meeting in Incheon. The President, in his opening remarks, outlined ADB’s commitment in two key areas, namely, to confront the climate crisis with bold and urgent action; and to address the social and economic setbacks caused by the COVID-19 pandemic and ensure the Pacific is prepared for future crises. Papua New Guinea Treasurer and ADB Governor, and Pacific Governors Chairperson Ian Ling-Stucky reiterated the need for ADB’s support toward the Pacific’s recovery through a differentiated approach in climate change, digital connectivity, private sector development, safeguards, capacity development and supplementation, concessional financing and assistance, and diversity and inclusion. 

02 May 2023 2023 Annual Meeting: President Asakawa announces IF-CAP at 56th Annual Meeting

At the press conference on 2 May to open ADB's 56th Annual Meeting in Incheon, President Asakawa announced the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a landmark program to significantly expand support for the region in the battle against climate change. ADB is the first multilateral development bank to adopt a leveraged guarantee mechanism for climate finance, where $3 billion in guarantees could create up to $15 billion in new loans for much-needed climate projects across the region. Read the news release and Q&A. Watch the ADB Insight video.

01 May 2023 President Asakawa tours Annual Meeting venue in Incheon, Republic of Korea

President Asakawa on 1 May visited the Songdo Convensia Convention Center in Incheon where he registered for the 56th Annual Meeting of the ADB Board of Governors, which will be held onsite from 2 to 5 May. Over 4,500 participants have already registered. See photos.

28 April 2023 2023 Annual Meeting: A Conversation with President Asakawa

As a curtain raiser to the 56th ADB Annual Meeting, President Asakawa and international journalist Zeinab Badawi discussed ADB’s economic outlook for Asia and the Pacific, the challenges ahead for the region, the new operating model, and the reforms needed to introduce innovative climate financing and capital adequacy. Watch the recording.

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.

President in the News