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The Asian Development Bank (ADB) has re-elected Takehiko Nakao as president for a further five year term beginning on 24 November 2016. Nakao was first elected as president on 28 April 2013 to serve the 3.5 years remaining of the term of his predecessor, Haruhiko Kuroda.
Since taking the post in 2013 Nakao has pursued a policy of increasing ADB lending capacity - from $13 billion in 2014 to $20 billion by 2020 - via the merger of Asian Development Fund operations with the bank’s ordinary capital resources balance sheet.
The scaling up of operations has made good progress. Last year, ADB’s loan and grant approvals reached a record $16.3 billion, including private sector operations of $2.6 billion, which is also a record high. In May, ADB’s board of governors approved a replenishment of the Asian Development Fund of $3.8 billion.