Kuroda officially steps down as ADB president after 8 years


Posted at Mar 19 2013 12:49 PM | Updated as of Mar 19 2013 08:51 PM

MANILA - Asian Development Bank President Haruhiko Kuroda stepped down Monday after more than eight years of leading the Manila-based multilateral lending bank.

Japan's parliament on Friday approved the nomination of Kuroda as governor of the Bank of Japan, the nation's central bank.

P. Chidambaram, chair of the ADB Board of Governors and India's finance minister, hailed Kuroda as doing "an exemplary job of leading the ADB for more than eight years."

"His extraordinary vision and leadership has enabled ADB to significantly advance its mission of poverty reduction and sustainable economic development in Asia and the Pacific," Chidambaram said during a farewell ceremony at the ADB headquarters in Manila.

The ADB is expected to hold an election next month to name a successor to Kuroda, the bank's longest serving president.

Under Kuroda, Chidambaram said, the ADB has grown as the region's premier development institution.

"Its operations tripled from $7.4 billion in 2005 to $21.57 billion in 2012 including co-financing, reflecting the region's growing demand for development finance," Chidambaram said.

Chidambaram said Kuroda's tenure covered a period of significant growth in the region, but also of tremendous challenges, especially during the 2008 global financial crisis, which affected many of the ADB's developing member countries.

Japan, which has held the ADB presidency since the bank was founded in 1966, has named Takehiko Nakao, vice finance minister for international affairs, as a candidate to succeed Kuroda.

According to the ADB, member countries have until Sunday to name their own candidate to the top ADB executive job, which will be decided by April 24.

ADB sources said only Nakao has filed candidacy so far.