Incoming ADB President Masato Kanda. Handout.

MANILA -- The Asian Development Bank (ADB) has elected its new president.

In a statement, the ADB said its board of governors has picked Masato Kanda as its 11th president. The ADB said Kanda will assume office on February 24, 2025, replacing Masatsugu Asakawa. 

Asakawa announced his decision to resign in September. The ADB said Kanda will complete Asakawa's term, which is until November 23, 2026.

Kanda is currently the Special Advisor to Japan’s Prime Minister and Minister of Finance.

The multilateral lender said that Kanda has 4 decades of experience and has been actively engaged in the G7, G20, and other international forums, addressing key policy challenges such as multilateral development bank (MDB) evolution, pandemic prevention, preparedness and response, and debt sustainability and transparency. 

"During his tenure as Vice-Minister of Finance for International Affairs, Japan made a record contribution of more than $1 billion to the Asian Development Fund 13th replenishment," the ADB noted.

Since 2016, Kanda has also served as Chair of the OECD Corporate Governance Committee, overseeing the review of the G20/OECD Principles of Corporate Governance in 2023.

Kanda got his Bachelor of Laws from the University of Tokyo in 1987, and M.Phil in Economics from Oxford University in 1991.

ADB lowers PH inflation expectations as it keeps growth forecast