MANILA - The Asian Development Bank said Tuesday its 63-year old president, Takehiko Nakao, would resign effective Jan. 16 next year.
Nakao, who assumed his post last April 2013, has cited the expansion of ADB's new lending and grant to $22 billion in 2018 from $14 billion in 2013, as among his achievements, the ADB said in a statement.
Election for Nakao's successor, will be open, transparent and merit-based, the Manila-based lender said.
“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 the members of the Board.
The Japanese government recommended former vice finance minister for International Affairs Masatsugu Asakawa, 61, as the next ADB chief, Kyodo News reported citing sources.
Japanese diplomats held the top ADB post since it was established in 1966, the report said. Nakao also served as Japan's vice finance minister for International Affairs.
-- with a report from Kyodo News