Japan's ex-vice FM chairs ADB

Japan's ex-vice FM chairs ADB

MANILA: Japan's former vice finance minister has been unanimously elected as the Asian Development Bank's new president, the Manila-based bank announced on Thursday.

The ADB's board of governors chose Haruhiko Kuroda, 60, to take over on Feb. 1, 2005, succeeding Tadao Chino, who announced his resignation in August.

Kuroda, vice minister of finance in 1997-2003, helped design and implement Japan's US$30 billion (23 billion euro) Miyazawa Initiative - Tokyo's assistance fund for economies hit by Asia's 1997-98 financial meltdown.

Under his leadership, Japan also helped Asian countries establish a network of currency swap agreements aimed at averting another financial crisis.

"I am determined that the bank should remain flexible in its approach to the many challenges facing its developing member countries," Kuroda was quoted as saying. --AP