Masato Kanda, the current special advisor to Japan’s prime minister and minister of finance, was elected by unanimous vote to lead the Asian Development Bank.
Kanda will serve as the 11th ADB president, taking office on Feb. 24, 2025, and succeeding Masatsugu Asakawa. He will complete the remainder of Asakawa’s term, which concludes on Nov. 23, 2026, according to a press release.
He brings nearly four decades of experience in international finance and policy-making, having held several senior positions since joining the ministry in 1987. His roles include deputy director general of the Budget Bureau, deputy vice minister for policy planning and coordination, and director general of the International Bureau, according to his official biography. He has also held senior roles at the World Bank and the Organisation for Economic Co-operation and Development (OECD), where he currently serves as chairman of the Corporate Governance Committee. Kanda earned his master’s degree in philosophy in economics from Oxford University in 1991 after obtaining his bachelor’s degree in law and politics from the University of Tokyo in 1987.
Kanda has actively participated in international forums such as the G7 and G20, addressing critical issues like the evolution of multilateral development banks, pandemic preparedness, and sustainable debt management. Notably, during his tenure as vice minister for international affairs, he oversaw Japan's record contribution of over $1 billion to replenish the Asian Development Fund.
In his new role, Kanda is expected to tackle pressing challenges facing Asia and the Pacific, including poverty eradication and climate change mitigation, according to the ADB press release. Fabio Panetta, chairman of the ADB Board of Governors, emphasized that Kanda’s extensive background in international finance and leadership in multilateral settings will be instrumental in navigating complex global economic challenges.
As Kanda prepares to assume leadership at ADB, he faces a landscape marked by economic uncertainties and evolving global dynamics.In a recent interview with Reuters, Kanda said spoke of actions needed to rebuff increased currency market volatility that reflect recent changes in monetary policies and political situations in major countries.
The ADB was established in 1966 with 31 members and operates primarily in the Asia-Pacific region. Now with 68 members, the organization focuses on fostering economic growth and cooperation among its member countries, including China, Mongolia, South Korea, Indonesia, Malaysia, the Philippines, Vietnam, India, Bangladesh, and Sri Lanka. It also includes Central Asian countries like Kazakhstan and Uzbekistan as well as smaller Pacific island nations such as Palau, Fiji, and Samoa. ADB members with significant voting power include Japan, the United States, China, India, Australia, and Canada. The voting power of each member is proportional to their capital subscription, according to the ADB website. mbj