Masato Kanda is the new president of the Asian Development Bank (ADB). The board of governors of the organization unanimously elected him as the 11th president. Kanda, 59, currently serves as a special adviser to Japan's prime minister and finance minister.

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He will take charge of ADB on February 24, 2025. He will replace the current president Masatsugu Asakawa. The term of the new president is fixed until November 23, 2026.

This information was given in a circular sent from the ADB head office located in Manila on Thursday.

Fabio Panetta, Chair of the Board of Governors and Governor of the Bank of Italy, said Kanda's extensive experience in international finance and proven leadership in multilateral settings make ADB look forward to working with Kanda to help ADB navigate complex global economic challenges and to do better in enhancing international cooperation.

With nearly 4 decades of experience, Kanda has held key leadership roles in Japan's Ministry of Finance, including serving as Vice-President of the Finance Minister for International Affairs. He has extensive experience in financial sector policy and macroeconomics. He has served as Deputy Commissioner of the Financial Services Agency, Deputy Director General of the Budget Bureau and Deputy Vice-Chancellor for Policy Planning and Coordination. He is a leading expert on education and science policy as well as university reform.