IF elected, the sole nominee for Asian Development Bank (ADB) president said he would diversify the Manila-based multilateral institution’s resources.
In his vision statement, ADB President nominee Masatsugu Asakawa noted that the bank was able to create a solid capital base by merging the bank’s “Ordinary Capital Resources,” or OCR, and “Asian Development Fund,” or ADF.
However, Asakawa said that, under his watch, the Manila-based multilateral bank will consider “diverse and innovative approaches” to resource mobilization.
“Examples include thematic bonds, local currency denominated bonds, partnerships with philanthropic funds and other international organizations, and further use of guarantees and public-private-partnerships,” Asakawa said.
He added that the ADB, also under his watch, will continue its focus on small island developing states (SIDs). The ADB will help these island nations in project management, both in the preparation and implementation phase.
In terms of its engagement with upper middle-income countries, which could soon include the Philippines, Asakawa said the ADB “should carefully consider” its assistance from a broad perspective.
He said these can be achieved given a focus on country and local context in order to provide effective and timely assistance to its developing member-countries. This will be done through ADB’s Resident Missions.
“If elected as president, I would steer the ADB to continue focusing on country and local context, and provide the most appropriate set of assistance in the most effective and timely manner,” Asakawa said.
“[The] ADB should continue to respect and learn from the specific context of each recipient member, such as political, economic, social, historical and cultural backgrounds, as well as each of their external surroundings,” he added.
These, Asakawa said, will help the region close infrastructure gaps and inequality in the region. He said the region’s infrastructure gap reached $1.7 trillion annually.
He added that 260 million people in the region were still living below the $1.90/day poverty line in 2015. This increases based on the daily income below the $3.20/day poverty line.
The key to solving inequality is to invest in human capital, as well as physical infrastructure. Asakawa said there is also a need to push for Universal Health Coverage in the region.
The ADB on Monday opened voting for its next president who will succeed President Takehiko Nakao.
Presidents of the ADB are nominated from among its regional members and elected by its Board of Governors. Nominations were accepted from ADB Governors from October 1 to 31, 2019.
Asakawa, currently special advisor to Japan’s prime minister and minister of finance, is the sole nominee for the position.
Governors are invited to vote on Asakawa’s candidacy on November 30, 2019. The result of the election is scheduled to be announced on December 2, 2019.