New Delhi: Takehiko Nakao, Chief of the Asian Development Bank,( ADB) has announced his resignation from his post. Nakao took over the reins of the Asian Development Bank on 28 April 2013. However, he will continue in this post till January 16 next year. The bank issued a statement saying that the new chairman would be elected through an open, transparent and merit-based process.

In his message to ADB's board of directors members and colleagues, Nakao said, "I am announcing my resignation with full satisfaction and gratitude. I have gained a lot with the support of colleagues, board members and member governments". The bank reported that Nakao increased the bank's loan disbursements of $ 14 billion in 2013 to $ 22 billion in 2018.

It also has tie-ups with state-of-the-art technologies in projects. Explain that the Asian Development Bank (ADB) is a regional development bank, which was established on 19 December 1966 to facilitate the economic development of Asian countries. It provides funds to developing countries for development works.

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