With investment in the private sector generating interest among multilateral lending agencies, the Asian Development Bank (ADB) plans to create a post of vice-president for the sector. The post was recently offered to its 48 regional members, including India.
Till now, the charge was handled by one of the four vice-presidents, but not as a separate portfolio. According to the procedure, applications from regional member countries would be sent to ADB and the candidate would be selected by a board, said a senior government official.
“Once the countries forward the names, the nationality of the candidate will not matter and the selection will be on merit,” the official added. India is yet to forward a name.
Besides 48 regional countries representing Asia, ADB has non-regional members that take up its membership to 67. It currently has four posts for vice-presidents. Of these, one is rotated among the non-regional members in North America and another among the European countries. Ursula Schaefer-Preuss, who belongs to Germany and is in charge of knowledge management and sustainable development, occupies the chair for the European countries, while C Lawrence Greenwood, Jr, belonging to the US, is the vice-president responsible for the Southeast Asia Department, East Asia and Pacific departments and the Central Operations Services Office.
One post is meant for large borrowers of the bank like China, India and Korea. Xiaoyu Zhao, from China, currently holds this post and is responsible for operations of the South Asia Department, the Central and West Asia Department, and the Private Sector Operations Department.
Another vice-president represents smaller regional members like Sri Lanka and Nepal. At present, Bindu N Lohani, vice-president in charge of finance and administration, occupies this chair. He is fromNepal.
More From This Section
Manila-headquartered ADB is owned and financed by its 67 members, of which 48 are from the region and 19 from other parts of the globe, according to the bank’s website.
“Although most lending is in the public sector and to governments, ADB also provides direct assistance to private enterprises of developing countries through equity investments, guarantees and loans. In addition, its triple-A credit rating helps mobilise funds for development,” the website mentions.