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Haruhiko Kuroda reelected ADB president

Business Materials 11 August 2011 18:04 (UTC +04:00)
The Asian Development Bank (ADB) Board of Governors has unanimously reelected Haruhiko Kuroda as President of ADB for a further five years beginning on 24 November 2011, the ADB said.
Haruhiko Kuroda reelected ADB president

Azerbaijan, Baku, Aug .11 / Trend N. Ismayilova /

The Asian Development Bank (ADB) Board of Governors has unanimously reelected Haruhiko Kuroda as President of ADB for a further five years beginning on 24 November 2011, the ADB said.

Mr. Kuroda was first elected ADB President in November 2004, officially assuming office on 1 February 2005 to complete the term of former President Tadao Chino. He was subsequently reelected for a full five-year term beginning November 2006.

Mr. Kuroda is the eighth President of ADB. Under his stewardship, ADB adopted a new long-term strategy charting the Bank's strategic course to the year 2020, refocusing ADB's operational agenda on inclusive economic growth, environmentally sustainable growth and regional cooperation and integration.

During Mr. Kuroda's tenure, ADB has tripled its capital base from $55 billion to $165 billion, and significantly bolstered its concessional lending window, Asian Development Fund, enabling ADB to push forward on mainstreaming climate change and strengthening support to countries in fragile and conflict-affected situations among others.

Azerbaijan has been a member of the ADB since 1999. During the period of cooperation, the ADB has also provided grants worth $13.122 million to the Azerbaijani government and local companies.

The 67-member ADB was established in 1966. Its headquarters are in Manila. Azerbaijan joined the ADB in December 1999 and its share in the bank's capital is 0.5 percent.

The ADB's leading shareholders Japan and the United States (31.2 percent), India and China (12.8 percent), Australia, and South Korea and Canada (16 percent).

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