Masato Kanda, former special advisor to Japan's Prime Minister and Minister of Finance, officially took office as the 11th president of the Asian Development Bank on Monday.

"I am deeply honored to take on the role of ADB President at this important moment for our region," Kanda said. "With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB's mission to promote sustainable, inclusive and resilient growth."

Kanda succeeds Masatsugu Asakawa, who was instrumental in launching a series of financing initiatives to accelerate the region's transition to a low-carbon economy.

With nearly 40 years of experience in international finance and development policy, Kanda is widely regarded for his decisive actions during periods of market instability, according to ADB. As Japan's vice-minister of finance for international affairs, he played a key role in developing innovative financial solutions and coordinating policy measures to stabilize markets.

"Masato Kanda brings a wealth of experience and a refreshing perspective to ADB. His proven track record in navigating complex financial challenges and fostering international cooperation makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities," said the Chair of the ADB Board of Governors Fabio Panetta.

Established in 1966, the Manila-headquartered ADB is a multilateral development bank that supports sustainable, inclusive and resilient growth across Asia and the Pacific. It is owned by 69 members, including 49 from the region.