The Asian Development Bank (ADB) Board of Governors has unanimously elected Masato Kanda as ADB's 11th President.

Kanda, 59, currently serves as special advisor to Japan's Prime Minister and Minister of Finance.

He will assume office on 24 February 2025, succeeding Masatsugu Asakawa, who will leave office on 23 February 2025, said an ADB press release.

Kanda will complete the unexpired term of President Asakawa, which ends on 23 November 2026. "Mr. Kanda's extensive experience in international finance and proven leadership in multilateral settings will serve ADB well in navigating complex global economic challenges and fostering international cooperation," said Chair of the ADB Board of Governors and Governor of the Bank of Italy Fabio Panetta.

"The ADB Board of Governors looks forward to working with Mr. Kanda." With nearly 4 decades of experience, Kanda has held key leadership roles at the Ministry of Finance of Japan, including Vice-Minister of Finance for International Affairs.

He has extensive experience in financial sector policy and macro-fiscal policy, having served as Deputy Commissioner at the Financial Services Agency, Deputy Director-General of the Budget Bureau, and Deputy Vice-Minister for Policy Planning and Coordination.

He is also a leading expert in education and science policy as well as university reform. Mr. Kanda has been actively engaged in the G7, G20, and other international forums, addressing key policy challenges such as multilateral development bank (MDB) evolution, pandemic prevention, preparedness and response, and debt sustainability and transparency.

During his tenure as Vice-Minister of Finance for International Affairs, Japan made a record contribution of more than $1 billion to the Asian Development Fund 13th replenishment (ADF 14). Since 2016, Kanda has served as Chair of the OECD Corporate Governance Committee, overseeing the review of the G20/OECD Principles of Corporate Governance in 2023.

He also has substantial experience in strategic discussions and decision-making at MDBs, having served as Alternate Executive Director for Japan at the World Bank.

Kanda obtained his Bachelor of Laws from the University of Tokyo in 1987, and M.Phil in Economics from Oxford University in 1991.

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 69 members-49 from the region.