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MANILA, Aug. 5 (Xinhua) -- The Asian Development Bank (ADB) said on Friday that its Board of Governors has unanimously reelected Takehiko Nakao as president for a further five years beginning on Nov. 24.
Nakao was first elected as president on April 28, 2013 to serve the three and a half years remaining of the term of his predecessor, Haruhiko Kuroda.
Nakao, the bank's ninth president, was the sole nominee after the bank's governors were invited from May 31 to June 30 to make nominations for the organization's presidency.
Nakao welcomed the board's decision.
"It is a great honor to receive the mandate of ADB members to serve as president of the ADB for another five years," he said.
"I will devote myself to continuing to lead ADB to an even more elevated standing as the primary development institution in the region that helps achieve inclusive and sustainable development in Asia and the Pacific," Nakao said.
Prior to joining ADB in 2013, Nakao was a senior official in the Japanese Ministry of Finance where he gained extensive experience in international finance and development. Nakao also taught international finance as a Visiting Professor at the University of Tokyo in 2010 and 2011.
Born in 1956, Nakao holds a Bachelor's degree in Economics from the University of Tokyo and a Master's degree in business administration from the University of California, Berkeley.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, the bank will mark 50 years of development partnership in the region in December 2016. It is owned by 67 members - 48 from the region. In 2015, ADB assistance totaled 27.2 billion U.S. dollars, including co-financing of 10.7 billion U.S. dollars.
