ADB President Kuroda to step down on 18 March

As a result of the nomination by the Cabinet of Japanese Prime Minister Shinzo Abe of Asian Development Bank (ADB) President Haruhiko Kuroda as governor of the Bank of Japan, ADB announced yesterday he has submitted his resignation from ADB, effective March 18, 2013.

An election of a successor to complete Kuroda’s term will be held by the Board of Governors of ADB in accordance with ADB’s Charter.

“I have been deeply honoured to have served as ADB President and Chairperson of ADB’s Board of Directors,” Kuroda said. “I have also been privileged to have worked with an exceptionally strong and committed Board and talented and dedicated staff. I have every confidence in the continued success of ADB in the pursuit of its critical mission to alleviate poverty.”

Kuroda is a graduate of Tokyo University and the University of Oxford, and previously served as Japan’s Vice Minister of Finance for International Affairs. Kuroda serves simultaneously as President of ADB and Chairperson of ADB’s Board of Directors.

He was first elected by ADB’s Board of Governors in November 2004 and assumed office in February 2005. He was reelected for a third term in November 2011. Kuroda’s nomination to the Bank of Japan is subject to the approval of both houses of Japan’s Parliament.

ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth and regional integration. Established in 1966, it is owned by 67 members – 48 from the region.