8 August 2016 12:00 am
“It is a great honor to receive the mandate of ADB members to serve as President of the ADB for another 5 years,” said Nakao. “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.” During Nakao’s first term, ADB has realigned its strategic priorities through the Midterm Review of Strategy 2020 and increased its lending capacity from $13 billion in 2014 to $20 billion by 2020 through the merger of Asian Development Fund operations with the Ordinary Capital Resources balance sheet. The scaling up of its operations has already made good progress. Last year, ADB’s loan and grant approvals reached a record $16.3 billion, including private sector operations of $2.6 billion, which is also a record high. ADB’s Board of Governors in May approved a replenishment of the Asian Development Fund of $3.8 billion.
Under Nakao’s leadership, in order to serve client countries better, ADB has also implemented institutional reforms including delegating more authority to resident missions, streamlining procurement and other procedures, establishing the Office of Public-Private Partnership, and strengthening sector and thematic expertise.