November 29, 2024 | 12:00am
MANILA, Philippines — The Asian Development Bank (ADB) has elected Masato Kanda as the multilateral lender’s 11th president.
In a statement yesterday, the ADB said Kanda was unanimously elected by the multilateral lender’s Board of Governors.
Kanda, who currently serves as special adviser to Japan’s prime minister and minister of finance, will assume the role of ADB president on Feb. 24, 2025.
He will be completing the unexpired term of current ADB president Masatsugu Asakawa, which ends on Nov. 23, 2026.
Last September, Asakawa announced his intention to step down as ADB president effective Feb. 23, 2025.
“Mr. Kanda’s extensive experience in international finance and proven leadership in multilateral settings will serve ADB well in navigating complex global economic challenges and fostering international cooperation,” Fabio Panetta, ADB Board of Governors chair and governor of the Bank of Italy said.
“The ADB Board of Governors looks forward to working with Mr. Kanda,” he said.
The incoming ADB president has held key leadership roles in the Ministry of Finance of Japan, including vice minister of finance for international affairs.
He also served as deputy commissioner at the Financial Services Agency, deputy director general of the Budget Bureau and deputy vice minister for policy planning and coordination.
In addition to his extensive experience in financial sector policy and macro-fiscal policy, he is also an expert in education and science policy and university reform.
Kanda has also actively participated in the G7, G20 and other international forums in addressing challenges such as the evolution of multilateral development banks (MDBs), pandemic prevention and response, and ensuring debt sustainability and transparency.
Kanda likewise served as chair of the Organization for Economic Cooperation and Development Corporate Governance Committee, overseeing last year’s review of the G20/OECD Principles of Corporate Governance.
Previously serving as alternate executive director for Japan in the World Bank, Kanda also has experience in strategic discussions and decision-making at MDBs.
Kanda obtained his Bachelor of Laws from the University of Tokyo in 1987 and Master of Philosophy in Economics from Oxford University in 1991.
The ADB is the Philippines’ second largest source of official development assistance, with the total net commitment amounting to $8.84 billion covering 26 loans and 23 grants.
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