JAKARTA — Masao Fujioka, former president of the Asian Development Bank (ADB), has died at the age of 97, according to the regional development bank.
Serving as president from 1981 to 1989, Fujioka presided over one of the most dynamic and expansionary periods in the institution’s history as well as promoting greater coordination of ADB operations.
Under his leadership, annual ADB lending almost doubled in volume to US$3.2 billion in 1988 from US$1.7 billion in 1981 and disbursements nearly tripled to US$1.65 billion from US$667 million.
In 1986, China joined ADB, and a first loan was approved for India.
“Fujioka will be sadly missed by this institution and the people who have known and worked with him,” ADB president Masatsugu Asakawa said in a statement.
“His accomplishments during a long tenure helped significantly strengthen ADB’s presence in the Asia and Pacific region. We remain grateful to him for his foresight and leadership.”
Fujioka’s family said his passing, in Tokyo, Japan on Dec 27, was due to natural causes.
His involvement in ADB dated back to the institution’s creation. In 1966, Japan Finance Ministry seconded him to the United Nation’s Bangkok-based Economic Commission for Asia and Far East, which worked on the establishment of ADB.
The bank now has 68 members, compared with 31 members when it started. Malaysia joined ADB as a founding member in 1966.
Source: NAM News Network