Takehiko Nakao re-elected as president of ADB

Tokyo

THE Asian Development Bank's board of governors announced on Friday that it has unanimously re-elected former senior Japanese financial official Takehiko Nakao as president of the ADB for a further five years with effect from November this year.

The move comes at a time when the China-sponsored and Beijing-based Asian Infrastructure Investment Bank (AIIB) has added to resources available for financing infrastructure projects in the Asia region - and also to competition for influence.