Masatsugu Asakawa
Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members—49 from the region.
ORGANIZATION
ACCOUNTABILITY
ADB supports projects in developing member countries that create economic and development impact, delivered through both public and private sector operations, advisory services, and knowledge support.
How We're Organized
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.
President Asakawa discusses regional prospects with Scott Morris, Center for Global Development
President Masatsugu Asakawa on 3 November 2022 met with Scott Morris, a senior fellow at the Center for Global Development. They discussed regional growth prospects in the context of the current economic headwinds—in particular the steep increase in food and energy prices, and tighter monetary policy in developed economies—and underlying structural challenges, including climate change, aging populations, and infrastructure deficits. Mr. Morris applauded ADB’s swift response during the COVID-19 pandemic. President Masa highlighted ADB’s enhanced climate ambition, and also emphasized the importance of enhancing domestic resource mobilization in Asia and the Pacific. Mr. Morris met with the Board members and exchanged views on ADB’s COVID-19 response and possible future pathways. He also met ADB Managing Director General Woochong Um, ADB Strategy and Policy Department Director General Tomoyuki Kimura, and other staff.
ADB, ROK sign MOU for 2023 ADB Annual Meeting; President Asakawa joins first World Bio Summit in Korea
President Masatsugu Asakawa and the Republic of Korea's (ROK) Deputy Prime Minister and Minister of Economy and Finance and ADB Governor Kyungho Choo on 26 October signed a Memorandum of Understanding (MOU) for the hosting of the 56th Annual Meeting of the ADB Board of Governors to be held in Incheon from 2 to 5 May 2023. During his 24-26 October mission, along with ED Sangmin Ryu, MDG Woochong, and The Secretary Khan, he also met with the Financial Services Commission Chairperson Joo-hyun Kim and the Export-Import Bank of Korea Chairperson and President Hee-sung Yoon to discuss ongoing collaboration between ADB and the two institutions.
On 25 October, President Asakawa joined ROK President Yoon Suk-yeol, Nigeria President Muhammadu Buhari, Viet Nam Prime Minister Pham Minh Chinh, WHO Director General Tedros Ghebreyesus, and former UN Secretary General Ban Ki-moon at the first World Bio Summit. In his congratulatory message, President Asakawa highlighted ADB’s role in responding to the COVID-19 crisis and preparing countries to address future pandemics and underscored several key needs, including vaccine manufacturing, health workforce skilling, robust medical regulatory systems, and the ability to detect and stop future health threats.
President Asakawa meets with US government officials, IFI heads, leaders; attends G20 meeting in Washington, DC
During a mission on 12-15 October to Washington, DC, President Masatsugu Asakawa met with US Special Presidential Envoy for Climate John Kerry and discussed ADB’s innovative efforts around climate finance and ways to deepen US-ADB climate partnerships. He also met with US Assistant Secretary of Treasury for International Trade and Development Alexia Latortue and discussed climate finance, ADB’s Safeguard Policy update, and support for Afghanistan. The President participated in the G20 4th Finance Ministers and Central Bank Governors Meeting (FMCGB) and held meetings with World Bank President David Malpass, UNDP Administrator Achim Steiner, COP26 President Alok Sharma, and heads of the multilateral and regional development banks. President Asakawa discussed ADB efforts to respond to global crises such as food security and climate change, with a focus on partnerships. He also held bilateral meetings with leaders from ADB's developing members including Indonesia, Kyrgyz Republic, and Pakistan.
ADB Board of Governors conclude the second stage of the Governors’ Business Session
The ADB Board of Governors concluded the second stage of the Business Session on 29 September 2022 and approved the remaining agenda items from the first stage last 5 May. For the first time since 2019, the Governors were able to meet in person and provide guidance and direction to the institution through Governors’ statements. President Masatsugu Asakawa provided the Management’s report to Governors on the progress since the previous meeting and shared Management’s key organizational messages with the Governors. Read the President's remarks. Watch the proceedings.
Governors discuss multi-dimensional pathway to inclusive green growth
President Masatsugu Asakawa, along with the Governors from Finland, Japan, Philippines, and Samoa, discussed practical solutions to mitigate current challenges and chart a path for green and sustainable growth at the Governors' Seminar on 29 September 2022. The speakers discussed the multi-dimensional pathway to inclusive and sustainable green growth, requiring both institutional reforms and innovative financing for more resilient infrastructure. They noted the sustaining momentum on climate change, poverty, and gender requires new digital tools and technology. They emphasized a shift in mindset is needed to recognize that challenges are interrelated, and that short-term responses and strategic medium-term priorities are not mutually exclusive. Watch the recording.
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Former ADB President Masao Fujioka Passes Away
Former President of the Asian Development Bank Masao Fujioka passed away in Tokyo, Japan, on 27 December at the age of 97. -
ADB Approves $1.5 Billion for COVID-19 Vaccines in India
The Asian Development Bank today approved a $1.5 billion loan to help the Government of India purchase safe and effective vaccines against the coronavirus disease (COVID-19). -
Collaboration on Domestic Resource Mobilization and International Tax Cooperation Critical to a Green, Inclusive, Resilient Asia and the Pacific
ADB and governments in Asia and the Pacific must work together to improve domestic resource mobilization and expand international tax cooperation to help future generations avoid unsustainable debt. -
‘Missing Value’ of Global Value Chains Presents Growth Opportunity
Global value chains present significant growth opportunities for developing economies even in the wake of the COVID-19 pandemic, and their contribution to the world economy may be much larger than normally reported, according to a report... -
ADB Welcomes Promising Steps Forward at COP26 for Climate Action in Asia and the Pacific
The Asian Development Bank today welcomed the scaled-up commitments from its developing member countries at COP26 as a promising step forward to strengthen actions in the global battle against climate change. -
Japan Announces $25 Million for ADB-Led Energy Transition Mechanism in Southeast Asia
The Government of Japan today announced a grant of $25 million toward the Energy Transition Mechanism partnership led by the Asian Development Bank. -
ADB, Indonesia, the Philippines Launch Partnership to Set Up Energy Transition Mechanism
ADB President Masatsugu Asakawa, Indonesian Finance Minister Sri Mulyani Indrawati, and Philippine Finance Secretary Carlos G. Dominguez announced at COP26 the launch of a new partnership to establish an Energy Transition Mechanism. -
ADB, EIB Sign MOU on Core Areas of Climate, Environment
The presidents of the Asian Development Bank and European Investment Bank signed a memorandum of understanding today setting out areas of cooperation in Asia and the Pacific over the next 5 years. -
Partners Pledge $665 Million to Support Green Recovery in ASEAN
Four partners have collectively pledged $665 million toward a platform managed by the Asian Development Bank that aims to mobilize an additional $7 billion for low-carbon and climate-resilient infrastructure projects in Southeast Asia... -
ADB, Multilateral Banks Commit to Mainstreaming Nature at COP26
The Asian Development Bank and other leading multilateral development banks issued today a high-level joint statement affirming their commitment to mainstreaming nature into their policies, analysis, assessments...
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Launch of the Partnership for Energy Transition Mechanism (ETM) - Masatsugu Asakawa
Speech by Masatsugu Asakawa, ADB President, at the Launch of the Partnership for Energy Transition Mechanism (ETM) at COP26, 3 November 2021, Glasgow, UK -
Launch and announcement of support: ASEAN Green Recovery Platform - Masatsugu Asakawa
Speech by Masatsugu Asakawa, ADB President, at the event Financing Green Recovery for a Low-Carbon and Climate-Resilient Southeast Asia at COP26, 2 November 2021, Glasgow, UK -
Ecological Civilization Forum - Masatsugu Asakawa
Opening remarks by Masatsugu Asakawa, ADB President, at the Ecological Civilization Forum of the 15th Conference of the Parties Convention on Biological Diversity, 14 October 2021, Kunming, People’s Republic of China -
Seventh Greater Mekong Subregion Summit - Masatsugu Asakawa
Speech by Masatsugu Asakawa, President, Asian Development Bank, at the Seventh Greater Mekong Subregion Summit Virtual Meeting Hosted by Cambodia, 9 September 2021 -
Financing the Global Partnership for Education - Masatsugu Asakawa
Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the Global Education Summit – Financing the Global Partnership for Education (GPE) 2021–2025, 29 July 2021 -
2021 International Climate Change Conference: A Just and Affordable Transition toward Net Zero - Masatsugu Asakawa
Keynote speech by Masatsugu Asakawa, President, Asian Development Bank, at the Indonesia Ministry of Finance-ADB 2021 International Climate Change Conference: A Just and Affordable Transition toward Net Zero, 22 July 2021 -
1st Climate Vulnerables Finance Summit and V20 Ministerial Dialogue VII - Masatsugu Asakawa
Remarks by Masatsugu Asakawa, President, Asian Development Bank, at the 1st Climate Vulnerables Finance Summit and V20 Ministerial Dialogue VII, 8 July 2021 -
Asian and Global Policy Issues - Masatsugu Asakawa
Opening remarks by Masatsugu Asakawa, President, Asian Development Bank, at the International Economic Association World Congress 2021, 2 July 2021 -
Asia Clean Energy Forum 2021 - Masatsugu Asakawa
Opening remarks by Masatsugu Asakawa, President, Asian Development Bank, at the Asia Clean Energy Forum 2021, 15 June 2021 -
Meeting of Governors of Pacific Developing Member Countries with ADB Management 2021 - Masatsugu Asakawa
Opening speech by Masatsugu Asakawa, President, Asian Development Bank, at the Meeting of Governors of Pacific Developing Member Countries with ADB Management at the 54th Annual Meeting, 5 May 2021
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Masatsugu Asakawa is the President of the Asian Development Bank (ADB) and the Chairperson of ADB’s Board of Directors. He was elected President by ADB’s Board of Governors and assumed office on 17 January 2020. In August 2021, he was reelected for a 5-year term starting on 24 November 2021.
Under Mr. Asakawa’s leadership, ADB made significant contributions to the region’s COVID-19 pandemic response and recovery planning with a $20 billion comprehensive response package and $9 billion Asia Pacific Vaccine Access Facility. He also played a key role in rolling out a series of new and innovative financing initiatives—including an Energy Transition Mechanism — to spur the region’s low-carbon development and elevated ADB’s 2030 cumulative climate financing ambition to $100 billion as ADB continues to focus on the battle against climate change.
Prior to joining ADB, he served as Special Advisor to Japan’s Prime Minister and Minister of Finance, and has a close-to-four decades’ career at the Ministry of Finance with diverse professional experience that cuts across both domestic and international fronts.
In the immediate aftermath of the Global Financial Crisis, Mr. Asakawa, in his capacity as Executive Assistant to Prime Minister Taro Aso, took part in the first G20 Leaders’ Summit Meeting in November 2008. He was instrumental in orchestrating a globally coordinated financial package to abate the financial crisis, including a $100 billion loan from Japan to the International Monetary Fund (IMF). Then in 2016, in his capacity as Vice Minister of Finance for International Affairs, he took on a leading role for the G7 Finance Ministers and Central Bank Governors’ meeting in Sendai under the Japanese presidency, where a sustainable and inclusive development agenda was extensively discussed.
Most recently, he served as Finance Deputy for the G20 meetings under the Japanese presidency, playing a pivotal role for the success of the G20 Osaka Summit as well as the G20 Finance Ministers and Central Bank Governors’ meeting in Fukuoka. Some of his outstanding achievements in Osaka include the endorsement by the G20 Leaders of the “G20 Principles for Quality Infrastructure Investment” and the “G20 Shared Understanding on the Importance of UHC Financing in Developing Countries”. Before these, he had occupied various prominent positions within the Finance Ministry, including director positions in charge of development policy issues, foreign exchange markets, and international tax policy.
Mr. Asakawa’s professional experience extends beyond the realms of the Japanese government. Most notably, he served as Chief Advisor to ADB President Kimimasa Tarumizu between 1989 and 1992, during which time he spearheaded the creation of a new office focused on strategic planning. Also, he had frequent engagement with the Organisation for Economic Co-operation and Development in such positions as Chair for Committee on Fiscal Affairs (2011–2016). Furthermore, he was a senior staff at the Fiscal Affairs Department of the IMF (1996–2000). In the meantime, he gave lectures as Visiting Professor at the Graduate School of Economic Science, Saitama University (2006–2009), and at the Graduate School of Arts and Sciences, University of Tokyo (2012–2015).
Mr. Asakawa obtained his BA from University of Tokyo (Economics Faculty) in 1981, and MPA from Princeton University, USA, in 1985.
President in the News
- ADB to invest $2.0b in BD's edn sector over next three years
- 60 MW solar power generation plant in Cambodia connected to national grid
- PLN makes the first step toward retiring steam power plants, supported by ADB
- ADB predicts slower economic growth than expected in 2023
- Bloomberg Philanthropies, Goldman Sachs backed Fund invests in sustainable transportation in India, Vietnam
- ADB restructuring to streamline work with member-countries
- S. Korea, ADB vow deeper cooperation in health care, climate change
