Japan has officially nominated Masato Kanda, the former top currency diplomat, to be the next president of the Asian Development Bank (ADB), Finance Minister Shunichi Suzuki announced on September 10, 2024. Kanda is seen as a strong candidate due to Japan’s historical role in the ADB, having held the top position since the bank’s establishment in 1966.
Kanda, who recently stepped down as vice finance minister for international affairs, is recognized for his extensive knowledge of Asia-Pacific affairs and his strong network among international executives. If elected, he will succeed Masatsugu Asakawa, who plans to step down on February 23, 2025.
The ADB has stated that the election process for its new president will be open, transparent, and merit-based. Kanda’s nomination comes at a time when emerging economies are increasingly questioning the tradition of advanced economies holding leadership positions in global financial institutions.
