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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.

06 September 2023 President Asakawa meets with People's Republic of China Vice Minister Guozhong Yang

People's Republic of China’s (PRC) Ministry of Finance Vice Minister Guozhong Yang called on President Masatsugu Asakawa on 6 September at the ADB headquarters to discuss ways to strengthen cooperation between the PRC and ADB. President Asakawa expressed appreciation for the ongoing, robust cooperation between the PRC and ADB on anticorruption and integrity, and highlighted ADB’s aspiration to collaborate on environmental protection and climate change through projects aimed at climate mitigation initiatives and the Regional Flyway Initiative.

01 September 2023 ADB, ASEAN+3 Macroeconomic Research Office (AMRO) renew Memorandum of Understanding for Cooperation

President Masatsugu Asakawa hosted the visit of ASEAN+3 Macroeconomic Research Office (AMRO) Director Kouqing Li on 1 September at ADB headquarters. The President appreciated the long-standing collaboration between ADB and AMRO in economic surveillance, research, and capacity building. The visit marked the signing of another 3-year extension of the ADB-AMRO Memorandum of Understanding for Cooperation from 2024 to 2026.

The MOU, signed initially in 2017, solidifies the partnership between the two organizations and strengthens bilateral relations through several cooperation initiatives, including joint research and capacity-building programs to improve policy responses to potential macrofinancial risks and vulnerabilities across ASEAN+3. ADB and AMRO, with the extended MOU, will strengthen knowledge cooperation in climate change, digitalization, ageing population, financial stability, and supply chain resilience.

25 August 2023 President Asakawa joins meeting of ASEAN finance ministers and central bank governors

President Masatsugu Asakawa attended the ASEAN Finance Ministers and Central Bank Governors Meeting in Jakarta on 24-25 August. He participated in a session on Regional Economic Outlook and Development Challenges, in which he delivered remarks to ministers and governors on the People’s Republic of China’s economic outlook and its effect on ASEAN economies, as well as the need to narrow development gaps in ASEAN. The President also made interventions on the ASEAN Infrastructure Fund and transition finance during a policy dialogue session.

The President had sideline meetings with Singapore Deputy Prime Minister, Minister for Finance, and ADB Governor Lawrence Wong, Indonesia Finance Minister and ADB Governor Sri Mulyani, Lao PDR Minister of Finance and ADB Governor Santiphab Phomvihane, and Philippines Secretary of Finance and ADB Governor Benjamin Diokno. 

At a visit to the Indonesia Resident Mission, the President shared with staff updates on ADB priorities including implementation of the new operating model (NOM). He highlighted the importance of resident missions in the context of the NOM, and thanked staff for their outstanding work in advancing operations, knowledge, and partnerships in Indonesia. 

At the ASEAN event, ADB staff actively contributed to a joint Finance and Health Ministers meeting, a seminar on renewable energy manufacturing where a report that ADB jointly produced with partners was launched, as well as a High-level Dialogue on Promoting Sustainable Infrastructure Development. 

01 August 2023 President Asakawa meets with Japan Prime Minister Kishida, Finance Minister Suzuki, Bank of Japan Governor Ueda

President Masatsugu Asakawa held a series of high-level meetings in Tokyo with Japan Prime Minister Fumio Kishida on 26 July, Minister of Finance and Minister of State for Financial Services and ADB Governor Shunichi Suzuki on 28 July, and Governor of the Bank of Japan and ADB Alternate Governor Kazuo Ueda on 2 August. Discussions covered various topics, including insights into the region's economic outlook; the situation in Afghanistan, Myanmar, Pakistan, and Sri Lanka; and the potential for reform in multilateral development banks. President Asakawa highlighted ADB’s several new initiatives, including promoting climate financing with the Innovative Finance Facility for Climate in Asia and the Pacific; expanding lending capacity and strengthening the capital adequacy framework; and meeting the complex needs of developing member countries through the new operating model implementation. He also emphasized the importance of the Asian Development Fund. President Asakawa expressed his gratitude for Japan's support to ADB, while his counterparts commended his leadership and acknowledged the collective efforts of all ADB staff in addressing the region's development challenges. On 1 August, President Asakawa also participated in a TV interview to share his insights on the regional economic outlook and explain ADB’s priorities.

18 July 2023 President Asakawa joins G20 Finance Ministers and Central Bank Governors meeting in India

President Masatsugu Asakawa  participated in the 3rd G20 Finance Ministers and Central Bank Governors (FMCBG) meeting from 16-18 July in Gandhinagar, Gujarat and made interventions at the ministerial sessions on global economy and global health, sustainable finance and infrastructure, and international taxation. President Asakawa emphasized multilateral development banks’ (MDBs) role in supporting global efforts to address climate change and facilitate economic growth through re-envisioning partnerships and scaling up financial support. The President met with other MDB heads and the G20 Expert Panel on MDB evolution and discussed ADB’s progress along its own evolution pathway and the innovations being implemented.

At the side event on the theme, Financing Cities of Tomorrow, President Asakawa outlined major challenges faced by cities in Asia and the Pacific, highlighting ADB’s integrated solutions to urban infrastructure development while supporting an enabling environment, capacity development, and financial sustainability. President Asakawa also met Gujarat Chief Minister Bhupendra Patel to discuss ADB’s assistance to the state government’s initiatives on skill development, planned urban expansion, development of GIFT city as a global fintech and data hub, and of Gujarat as a hub for green hydrogen. 

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.