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