MANILA, Philippines – Asian Development Bank (ADB) president Takehiko Nakao announced on Tuesday, September 17, that he will be resigning on January 16, 2020.

The 63-year-old assumed office as president of the multilateral lender in April 2013. He is on his 2nd term.

“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 said.

The ADB said the election for its new president “will be in accordance with the open, transparent, and merit-based procedure.”

Nakao expanded the ADB’s operations by increasing new lending and grants from $14 billion in 2013 to $22 billion in 2018.

It was also during his leadership that Ordinary Capital Resources and the concessional lending operation of the Asian Development Fund merged, which enabled the expansion of operations.

“I am committed that I will do my best in performing my responsibility until my last day at ADB,” Nakao said. – Rappler.com