ADB sets up office for regional cooperation.MANILA, April 1 Kyodo
Asian Development Bank Asian Development Bank
A financial_institution established in 1966 to reduce poverty in the Asia-Pacific region. The bank is headquartered in Manila, Philippines and consists of 61 member countries. President Haruhiko Kuroda announced the establishment Friday of an office that will oversee cooperation and integration of economies in the Asian region.
''This new office will play an active role as catalyst, coordinator and knowledge leader in the area of regional economic integration,'' Kuroda said.
Kuroda said he has appointed Masahiro Kawai, a University of Tokyo “Todai” redirects here. For the restaurant called Todai, see Todai (restaurant).
The University of Tokyo (東京大学 economics professor, as the head of the new office, which will be called the Office of Regional Economic Integration. He also said Kawai will also serve as economic adviser to Kuroda starting April 1 and will take over the new office Oct. 1.
Kawai served as chief economist for East Asia and the Pacific in the World Bank from 1998 to 2001, and as deputy vice minister of finance for international affairs of Japan from 2001 to 2003.
''Mr. Kawai brings the right blend of experience to this important new office at the ADB (Apple Desktop Bus) A low-speed serial bus for connecting keyboards, mice and other input devices on Apple IIgs and Macintosh computers. Starting with the iMac in 1998, the ADB was superseded by USB. . He is highly respected in his diverse fields of expertise and he will be a valuable addition to the bank,'' Kuroda said.
Moreover, Kuroda said he has appointed Rajat M. Nag, the director general of the ADB's Mekong Department, to concurrently hold the position of special adviser to the president in charge of regional economic cooperation and integration.
''The creation of the office, and the appointment of a new special adviser on the issue, underscores ADB President Kuroda's commitment to making regional economic integration a priority for the ADB,'' the Manila-based bank said in a statement.
''The office will act as the ADB's focal point for regional bodies, forums and initiatives on the issue, including the ASEAN-plus-three finance ministers process, the Chiang Mai Initiative, and the Asian Bond Markets Asian Bond Markets are growing rapidly as Asian borrowers switch away from short term bank loans towards longer term debt financing. Although Asia is often thought of in financial markets as being just the Far East, Asia also includes countries of the Middle East, Kazakhstan and Initiative, the ASEAN ASEAN: see Association of Southeast Asian Nations.
in full Association of Southeast Asian Nations
International organization established by the governments of Indonesia, Malaysia, the Philippines, Singapore, and Thailand in surveillance process, the APEC finance ministers process, and the Asia-Europe finance ministers process,'' the statement said.
The new office will replace the ADB's regional economic monitoring unit and will also handle publication of the Asia Economic Monitor and Asia Bond Monitor, as well as the management of the Asia Regional Information Center and AsiaBondOnline web sites, the bank said.
''The ADB promotes regional economic integration efforts by supporting and facilitating the above regional initiatives and several regional and subregional cooperation activities in Asia-Pacific such as the Greater Mekong Subregion program,'' it said.
The Association of Southeast Asian Nations Association of Southeast Asian Nations (ASEAN), organization established by the Bangkok Declaration (1967), linking the nations of Indonesia, Malaysia, Philippines, Singapore, and Thailand. groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.
The bank set up the regional economic monitoring unit in the wake of the 1997 financial meltdown that derailed many economies in Asia. The unit, known as REMU, was set up to help the developing member countries of the ADB to harness the full benefit of the global financial integration and international capital flows to minimize the impact future financial shocks in the region.