ADB chief officially steps down after eight-year run


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

The Diet last Friday approved the nomination of Kuroda as governor of the Bank of Japan.

P. Chidambaram, who chairs the ADB Board of Governors and is 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 at a farewell ceremony at ADB headquarters in Manila.

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 cofinancing, reflecting the region’s growing demand for development finance,” Chidambaram said.