|Friday, 19 November 2004|
Manila, Philippines (18 November, 2004) - Japan's former Vice Minister of Finance for International Affairs Haruhiko Kuroda has been unanimously elected President of the Asian Development Bank (ADB) by its Board of Governors.
Mr. Kuroda, 60 will take over as ADB President from February 1, 2005 succeeding Tadao Chinao who announced his resignation in August.
Mr. Kuroda is currently Special Advisor to Japanese Prime Minister Junichiro Koizumi's Cabinet and a professor at the Graduate School of Economics at Hitotubashi University, Tokyo.
In a career spanning nearly four decades, Mr. Kuroda has represented Japan's Finance Ministry at a number of International Monetary Conferences as Vice Minister of Finance for International Affairs.
"It is as a great honour to be elected President of ADB," said Mr. Kuroda. "I am determined that the bank should remain flexible in its approach to the many challenges facing its developing member countries. ADB must also continue to strive for greater effectiveness in its operations."
During his terms as Director General of the International Bureau and as Vice Minister of Finance between 1997 and 2003 Mr. Kuroda helped design and implement the US$30 billion Miyezawa Initiative - Japan's response to Asian economies hit by the 1997-1998 financial crisis.
Under his leadership Japan helped Asian Nations establish a network of currency swap agreements, the so-called Chiang Mai Initiative to avert another crisis.
Born in 1944 Mr. Kuroda holds a BA in Law from the University of Tokyo and a Master of Philosophy in Economics from the University of Oxford. He joined the Ministry of Finance in 1967. Eight years later he was seconded to the International Monetary Fund.
After returning to the Ministry Mr. Kuroda assumed a number of senior posts in the ministry's international finance and taxation bureaus.
While Deputy Director General of the International Finance Bureau, he was responsible for Japan's official development assistance as well as relations with multilateral development financial institutions including ADB.
Mr. Kuroda served as President of the ministry's research arm, the Institute of Fiscal and Monetary Policy for one year before returning to the International Bureau as Director General.
Two years later he was promoted to Vice Minister of Finance for International Affairs, responsible for policy planning, international cordination and external representation.
Produced by Lake House