Japan's Nakao elected new ADB president

Takehiko Nakao, a former Japan vice minister for finance, has been elected president of Asian Development Bank, AFP reports according to the Philippines-based lender. Nakao, 57, replaces compatriot Haruhiko Kuroda, who stepped down last month to become governor of Japan's central bank. Nakao, a former vice minister of finance for international affairs, will assume office as ADB's ninth president on Sunday, P. Chidambaram, chairman of the ADB board of governors, said in a statement. "His extensive experience in international finance and development and broad and deep knowledge of the Asian region will serve ADB well in pursuing its vision of an Asia-Pacific region free of poverty," Chidambaram, who is also India's finance minister, said. Nakao, who ran unopposed, will serve the unexpired term of Kuroda to November 23, 2016, the bank said. The ADB, which has 67 member countries and territories including Japan and the United States, helps its developing members tackle poverty by providing loans, technical assistance and grants for a broad range of development activities. It approved $21.72 billion worth of financing in 2011, according to its own data.