JAKARTA (TheInsiderStories) – Takehiko Nakao announced his resignation as the President of Asian Development Bank, effective Jan. 16, 2020, the agency announced today (09/17). He assumed office as President on 28 April 2013.

“I’m announcing my resignation with a deep sense of satisfaction and gratitude. With support from staff, Board members, and member governments, we have achieved many things, ” said Nakao to his staff.

ADB stated, the election for the new president will be in accordance with the open, transparent and merit-based procedure. During Nakao’ leaderships, ADB has expanded its new lending and grant from US$14 billion in 2013  to $22 billion in 2018.

Then, he merged ordinary capital resources and concessional lending operation of the Asian Development Fund, and launched the Strategy 2030. At the end of his leaderships at the agency, Nakao emphasized ADB must continue to be an important center for fostering cooperation and friendship among countries.

He concluded by saying “I am committed that I will do my best in performing my responsibility until my last day at ADB.”

In Indonesia, ADB operations cover financing and knowledge partnerships in priority areas such as developing quality infrastructure, boosting human resources, and improving economic governance.

Since 1966, ADB has committed $36.68 billion in sovereign and non-sovereign loans, equity investments, and guarantees, also $460.5 million in technical assistance and $449.98 million in grants for Indonesia.

Recently, ADB is planning to provide about $3 billion funds between 2019 and 2021 to help the government’ power sector, mainly in eastern Indonesia. Recently, the multilateral agency has mobilized funds a $120 million to build the 72-megawatt (MW) Tolo Wind Power Project in Jeneponto District, South Sulawesi and began operations last December.

In recent years, ADB said has focused on improving the state-owned electricity grid across Indonesia’ islands, including Sumatra, Java, West Kalimantan, Sulawesi, and Nusa Tenggara, to increase access, as well as the share of grid-connected variable renewables, including wind and solar.

A $600 million results-based loan from ADB to PT Perusahaan Listrik Negara (PLN) seeks to improve electricity distribution in six provinces in Sulawesi and two provinces in Nusa Tenggara, providing stable services to residential, commercial, and industrial customers. It also aims to foster innovation and technology, especially in areas such as waste management and smart grid development.

For an example, in Selayar Islands Regency, the most southern end of South Sulawesi, a smart-grid pilot project—one of four supported by the ADB loan—will be the first such system planned by PLN for a small, isolated island market.

ADB is also supporting the government’s reform agenda through a policy-based loan to strengthen reforms to improve fiscal sustainability, introduce measures to improve private investment in electricity and gas and support the expansion of renewable energy and energy efficiency policies.

Written by Staff Editor, Email: theinsiderstories@gmail.com