ADB appoints former Japan currency diplomat Masato Kanda as president | News | Eco-Business

Masato Kanda, former vice minister of finance for international affairs for the Japanese government, has been appointed president of the Asian Development Bank (ADB). 

Kanda succeeds Masatsugu Asakawa, whose stepped down from his role on 23 February after five years at the helm. 

He takes on the ADB presidency at a time of geopolitical volitility and a trade war that is set to have far reaching consequences for Asia’s developing economies.

Kanda has nearly four decades of experience in international finance and development policy. During his tenure as vice finance minister for international affairs, the 60 year-old diplomat was behind market interventions by Japan aimed at stemming the yen’s sharp decline against the United States dollar and other major currencies.

Under his leadership, he worked with other G20 finance chiefs to respond to the Covid-19 pandemic, and tackle emerging-market debt.

Prior to being vice finance minister, he held numerous senior positions in the department including director-general of the international bureau, deputy vice-minister for policy planning and coordination, among others. He also served as a special adviser to the Cabinet of then Japanese prime minister Fumio Kishida.

Although most of his career has been with the ministry, he has also worked for the World Bank and the Organisation for Economic Cooperation and Development (OECD).

“I am deeply honoured to take on the role of ADB President at this important moment for our region,” Kanda said in a statement. “With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, inclusive, and resilient growth. Together, we will respond to pressing development challenges, ensuring that ADB remains the partner of choice for the region.”

Japan has been a major shareholder in the ADB along with the US. The Manila-based lender has supplied the bank’s chief since the institution was established in 1966 to eradicate extreme poverty and support development in the Asia Pacific region.