Shaping a Brighter Future for Asia and the Pacific: ADB President Asakawa's Legacy

Transcript

In January 2020, President Masatsugu Asakawa took the helm of the Asian Development Bank with a vision for sustainable growth and regional cooperation. Little did he know that two months later, the world would face an unprecedented crisis—the COVID-19 pandemic. As the pandemic swept across countries, President Asakawa recognized the urgency and mobilized ADB's resources to respond swiftly.

Masatsugu Asakawa
President
Asian Development Bank
2020-2025

"In a crisis, every moment counts. I'm proud that ADB acted decisively when our members needed us most."

Under his leadership, ADB launched a $20 billion assistance package, including the COVID-19 Pandemic Response Option (CPRO) and a $9-billion Asia Pacific Access Facility (APVAX) to help countries procure and distribute drugs.

Amidst the global health crisis, another pressing challenge demanded attention—climate change. At COP26 in Glasgow, President Asakawa reaffirmed ADB’s climate leadership.

"We can't afford to wait on climate action. That's why we pledged at least $100 billion in climate financing by 2030 and pioneered innovative tools like the Energy Transition Mechanism and IF-CAP to drive real change."

Under his guidance, ADB became the region’s “climate bank,” promoting sustainable, inclusive growth while addressing environmental challenges. President Asakawa advocated action to help developing member countries become more resilient against climate change impacts, such as extreme heat and accelerated glacial melt.

"Climate action has been a top priority for ADB, and for me personally. Throughout my presidency, ADB has intensified efforts to address the climate crisis— with initiatives focused on protecting vulnerable areas like the Hindu Kush-Himalaya region."

Alongside these initiatives, President Asakawa never lost sight of the people behind ADB’s success—its staff. In response to the COVID-19 pandemic, he introduced flexible work arrangements and prioritized safety measures.

"Our people are the heart of ADB. Their safety and well-being come above all else. By fostering a supportive and inclusive environment, we empower our staff to deliver their best for the communities we serve."

In a critical moment, President Asakawa orchestrated the evacuation of 120 ADB staff and their families from Afghanistan. His actions not only safeguarded lives but reinforced a culture of care within the ADB community.

Looking beyond immediate crises, President Asakawa also focused on building stronger foundations for the future. He championed domestic resource mobilization, helping countries strengthen their financial resilience.

"True progress is when countries stand on their own feet. Our role is to help them build that foundation, strengthening their ability to create sustainable growth and resilience for future generations."

Through initiatives like the creation of the Asia Pacific Tax Hub,  ADB has helped strengthen tax systems, improve governance, and secure social safety nets for people across the region.

Understanding that the region’s prosperity depends on cooperation, President Asakawa reinforced the importance of robust partnerships to rejuvenate trade and improve supply chains.

"Asia and the Pacific has benefited immensely from globalization. With the looming threat of protectionism, our region must continue to champion connectivity and collaboration."

To support his ambitious goals, President Asakawa also spearheaded significant transformation within ADB. A review of the Capital Adequacy Framework unlocked an additional $100 billion in lending capacity over the next decade.

Meanwhile, the new operating model introduced strategic shifts to expand private sector operations, intensify climate action, drive innovation, and locate staff closer to clients to strengthen support and responsiveness.

These initiatives align with the MDB evolution agenda, ensuring ADB remains a key player in global development.

"To meet tomorrow’s challenges, we must evolve today. Innovation isn't just an option. It's an imperative."

As his tenure comes to a close, President Asakawa leaves a strengthened, future-focused ADB.

His vision encourages ADB to stay invested in the region’s success and responsive to emerging challenges. And he reminds us that building trusted, long-term partnerships is key to driving meaningful change.

"ADB’s strength lies in being a trusted development partner- a reliable friend and partner of choice for Asia and the Pacific. This close relationship is our legacy. And it's vital we preserve it."

President Asakawa has guided ADB through challenging times with transformative leadership that has left an indelible mark on the organization and region. As we look to the future, his legacy sets the foundation for a prosperous, resilient, inclusive, and sustainable Asia and the Pacific.

"I want to extend my heartfelt gratitude to ADB’s staff, Board of Directors, member governments, and our many partners. Together, we have achieved milestones that will continue to shape a brighter future for Asia and the Pacific."