MANILA - The Asian Development Bank (ADB) said Thursday that its Board of Governors has unanimously elected Masato Kanda as the ADB's 11th president.

Kanda, 59, currently serves as special advisor to Japan's prime minister and minister of finance. He will assume office on Feb 24, 2025, succeeding Masatsugu Asakawa, who will leave office on Feb 23 next year.

Kanda will complete the unexpired term of Asakawa, which ends on Nov 23, 2026.

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"Kanda's extensive experience in international finance and proven leadership in multilateral settings will serve the ADB well in navigating complex global economic challenges and fostering international cooperation," said Chair of the ADB Board of Governors and Governor of the Bank of Italy Fabio Panetta. 

ADB, Mastercard to support MSMEs

Separately, the ADB said Thursday it has signed a memorandum of understanding with the Mastercard Impact Fund to establish a partnership aimed at supporting micro, small, and medium-sized enterprises (MSMEs) across Asia and the Pacific.

The ADB said the initiative will initially target Georgia, India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

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It will leverage a grant of $5 million from Mastercard to financial institutions to catalyze lending toward MSMEs, focusing on women-led or women-owned MSMEs and climate finance among small businesses, the Manila-based bank said.

The grant will support up to $1 billion of ADB financing over a four-year period, providing risk-reduction capital, performance incentives, and capacity building for financial institutions, it added.