ADB president resigns

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Metro Manila (CNN Philippines, September 17) — The president of the Asian Development Bank (ADB) has resigned, paving the way for an election for a new leader of the international lender.

The ADB said Tuesday that the resignation of its president, Takehiko Nakao, will take effect on January 16, 2020.

“I am announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, board members, and member governments, we have achieved many things,” Nakao told ADB staff and board members in a message.

Under Nakao’s leadership, the ADB increased lendings and grants from $14 billion in 2013 to $22 billion in 2018 and implemented institutional reforms to make it “stronger, better and faster.”

In 2018, the Philippines received a $7.8-billion loan from the ADB for infrastructure projects.