Statement of Intent of Resignation by ADB President Masatsugu Asakawa

9 September 2024

I would like to inform Board members, Management, and Staff of my intention to resign as President of the Asian Development Bank, effective 23 February 2025.

It has been a profound honor to serve as President since 17 January 2020, succeeding Mr. Takehiko Nakao. Throughout my presidency, I have been deeply committed to advancing our shared mission. However, after careful consideration and reflection, I believe it is time to step aside and make way for new leadership with fresh perspectives and renewed energy. By announcing my resignation now, I aim to ensure a smooth and orderly transition of leadership.

During my presidency, ADB has confronted unprecedented challenges, most notably the global health crisis triggered by the COVID-19 pandemic. In response, we swiftly organized a $20 billion response package to meet the urgent needs of vulnerable communities, improve health care systems, and promote economic recovery in our developing member countries (DMCs). We followed this with the Asia Pacific Vaccine Access Facility, ensuring the availability and distribution of vaccines across the region and safeguarding the health of millions. 

A key focus of my leadership has been climate change. Together, we boldly repositioned ADB as the Climate Bank for Asia and the Pacific, with an ambition to mobilize at least $100 billion in climate financing by 2030. This initiative is catalyzing significant investments in mitigation and adaptation efforts, including through the private sector.

Our capital management reforms, especially the update to the Capital Adequacy Framework, will unlock an additional $100 billion in lending capacity over the next decade to support a broad range of development efforts, including greater concessional resources for vulnerable members.

We have also helped strengthen domestic resource mobilization in our DMCs, providing critical support to enhance their capacity to generate domestic revenues through improved tax systems, financial sector reforms, and public financial management.

Recognizing the critical role of the private sector in driving economic growth, we instituted a shift towards private sector development, seeking to catalyze private investments for development impact, inclusive and sustainable growth, and climate actions that promote low-carbon pathways.

The Asian Development Fund (ADF) has also been pivotal in bolstering resilience and sustainability in our poorest and most vulnerable DMCs. I am grateful to our donors for supporting the $5 billion replenishment of ADF 14 and Technical Assistance Special Fund 8 last May. These funds will support those who need it most, including women and girls, reinforcing ADB’s dedication to inclusive and sustainable growth.

Regional cooperation has been a cornerstone of our efforts to enhance economic integration and manage shared challenges effectively. ADB-supported initiatives like the Central Asia Regional Economic Cooperation program and the Greater Mekong Subregion program have supported cross-border infrastructure projects, enhanced trade, and promoted regional public goods that are crucial for shared prosperity.

In response to calls for MDB evolution, our midterm review of Strategy 2030 will set the future direction for ADB, while our Corporate Results Framework keeps us focused on strategic priorities. In addition, our new operating model is enhancing our agility and responsiveness, ensuring that we deliver targeted and impactful support to our DMCs.

Throughout my presidency, I have been continually inspired by the resilience, aspirations, and determination of the people we serve. Each of my visits to DMCs has reinforced my belief in the importance of ADB’s mission and provided invaluable insights to guide our work.

As I prepare to conclude my tenure, I take great pride in what we have accomplished together. Our achievements would not have been possible without the dedication and expertise of Staff and the good guidance and support of the Board of Directors, and member governments, for which I am deeply grateful. Our shared commitment and passion for ADB’s mission have been the bedrock of our success.

Looking ahead, I am confident that ADB is in a strong position and well-equipped to continue delivering on its mission in fostering development across Asia and the Pacific. I am dedicated to fulfilling my responsibilities with the utmost commitment until my final day at ADB. Again, let me extend my heartfelt thanks for your efforts throughout my presidency, and I look forward to ADB’s continued growth and success in the years ahead.