Source: Asia Development Bank
Speech by Masatsugu Asakawa, President, Asian Development Bank, 19 February 2025, ADB headquarters, Manila, Philippines
My very dear colleagues, here we are, together again in this room, where I stood before you five years ago to say, “hello,” and “call me Masa.” What a journey it has been!
I don’t think any of us could have predicted what was in store for us on that February day back in 2020. Within just a few weeks, we were in the grip of a pandemic that drove us into lockdown, causing tremendous hardship and drastically changing how we work.
My friends, our journey as an ADB family is forever connected to the journey of this region. And I believe we have shaped that journey, for the better.
We have done our part to help our developing member countries to get through the pandemic and on a path to recovery; to be ready to tackle emerging crises and urgent threats, including the climate crisis; and to maintain focus on long-term development.
I was so pleased to see highlights of this good work in the video you showed and to hear perspectives from Bruce, Nelly, and Bruno. Thank you very much for your kind words.
I am deeply humbled that you credit our achievements to my contributions as President. But even more important, these achievements tell a story about what all of us can do when a challenge comes our way, and we face it together.
So let me take a few moments to share a few reflections on how you have shaped me during this journey.
I. Meeting unprecedented development challenges with quick and decisive action
First, we needed quick, decisive, and bold action, at every step: as the pandemic struck, as the climate crisis mounted, and as there were calls to evolve to deliver better and faster.
I remember coming to my office upstairs almost every day during lockdown. I held videoconferences with ministers and heads of state to see what assistance they needed. I knew ADB needed to respond without delay. And we did, thanks to you.
I truly believe that our assistance helped to prevent grave suffering for millions, and fiscal collapse across our region. Our response, including budget and vaccine support, were spectacular achievements.
The same is true for our climate action. I remember the intense discussions we had before going to Glasgow in 2021 for COP26. These paved the way for our $100 billion climate finance ambition, Energy Transition Mechanism, IF-CAP, and a just transition commitment across our climate operations. This was a real turning point that positioned us as the Climate Bank for Asia and the Pacific.
II. Reforming and innovating to adapt to changing circumstances
And then, we forged ahead with reforms, to unlock an additional $100 billion in lending capacity through CAF; to take stock, and make key shifts, through the NOM and midterm review of Strategy 2030; and to elevate critical agendas including private sector development, domestic resource mobilization, food security, digitalization, and gender equality.
You also made sure that the poorest and most vulnerable in our region were not left behind. The ADF replenishment, including the novel financing you prepared, is helping people in places like Afghanistan and Myanmar, and small island developing states.
All of this was made possible by thinking outside the box. The unprecedented circumstances we faced over the past five years demanded that ADB change quickly and do things differently. You did not hesitate to meet the demands of the moment.
The circumstances also required ADB to balance many needs. Our operations shifted appropriately during the pandemic, to support response and recovery. It took some time for our climate financing to ramp back up, but it did. I know we will also continue to expand our contributions in areas like education and RCI.
III. The priority of wellbeing
As you can see, my friends, there was a lot on my mind over the past five years. A lot of things kept me up at night. But if I may, I’d like to emphasize my most important concern. It was to ensure the safety and wellbeing of staff.
I spoke to you often during the pandemic. I even sent you a musical greeting on my flute! I hope that it brought you some comfort to know that you were not alone.
Another experience that I have not talked about as much is the evacuation of our local staff from Afghanistan when the government fell in 2021. It was such a dangerous and unpredictable situation, and we had very few options. But we had to find a way to get our staff to safety. After consulting with heads of state and coming up with a complex plan, we managed to get everyone out, just in time.
That experience reminded me that staff wellbeing must remain ADB’s highest priority. And the reason is clear: ADB’s most valuable asset is its staff. Even more simply, we are family. And I am so touched by the way you treated me like family.
Colleagues in our field offices, you were always so warm and welcoming when I visited the countries where you live and work. The memories of our beneficiaries, the historical sites, and the delicious local cuisine—and the selfies I took with you!—will stay with me forever.
IV. In praise of staff
Ever since I announced my intention to step down, I have been flooded with good wishes and praise for what ADB has done for the region during my Presidency. But I firmly believe that these successes are not coming from me. They are coming from you.
You have been so innovative, so responsible, and so loyal to our mission. I always knew that whenever we faced a problem, I could consult staff, and you would come up with quick and relevant solutions. That is why, from Day 1, I felt nothing but optimism that we would achieve our mission. And I was never disappointed.
Closing
Your work over the last five years has put our region on the strongest possible foundation to build lasting prosperity, to stay resilient through crises and disasters, and to ensure that growth is inclusive and sustainable.
Asia and the Pacific will indeed remain an engine for global growth for decades to come. And you helped make that possible. I am honored by the ways you stepped up to accomplish everything that I asked of you—and everything the region needed from us. I am in awe of what you have achieved. And my trust in you will never fade.
I will step away now, but I know that the course we have navigated these past five years will take us to an even brighter future. I will be cheering for you every step of the way.
And so, my dearest colleagues, my beloved friends and ADB family, thank you for a job well done. I wish you health, happiness, and good fortune on this unforgettable journey.
Thank you.