Japanese currency chief Takehiko Nakao is the sole nominee for the presidency of the Asian Development Bank, Philippine Finance Secretary Cesar Purisima said in a mobile-phone text message today, ensuring that Japan will maintain its hold on the top post at the lender.
ADB member countries will vote on the next president in an election from today to April 24, the Manila-based development bank said in an e-mailed statement earlier this month. The nomination period closed yesterday.
Japan has held the presidency of the ADB since the institution was founded in 1966, and is tied with the U.S. in having the largest voting power at the bank. The Japanese government nominated Nakao to replace former president Haruhiko Kuroda, who became the Bank of Japan (8301) governor last week.
Read the rest of the story: Japan’s Takehiko Nakao Is Sole Nominee for ADB Presidency.