File photo of Masatsugu Asakawa speaks during a Group of 20 (G-20) finance ministers and central bank governors news conference on the sidelines of the spring meetings of the International Monetary Fund (IMF) and World Bank in Washington, DC, US, on April 12, 2019. (JOSHUA ROBERTS / BLOOMBERG)

MANILA — Masatsugu Asakawa from Japan assumed office as the 10th president of the Asian Development Bank (ADB) on Friday, the Manila-based bank said.

Asakawa said he is honored to assume the role of ADB president and looks forward to working in close cooperation with ADB's 68 members

Asakawa said he is honored to assume the role of ADB president and looks forward to working in close cooperation with ADB's 68 members.

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"ADB has been a trusted partner of the region for more than half a century, supporting strong growth that has improved the lives of people across Asia and the Pacific. I will strive to ensure ADB remains the preferred choice of its clients and partners," Asakawa said in a statement.

Asakawa succeeds Takehiko Nakao, who stepped down on Jan 16, 2020.

File photo taken on Sep 16, 2008 shows the logo of the Asian Development Bank (ADB) at its headquarters in Manila, capital of the Philippines. (LIU HUA / XINHUA)

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The ADB said that Asakawa has had frequent engagement with the Organisation for Economic Co-operation and Development (OECD), including as chair of the Committee on Fiscal Affairs from 2011 to 2016.