Masato Kanda, Japan’s former top currency diplomat, is the next president of Manila-based Asian Development Bank (ADB).

In a statement on Thursday, the ADB said its board of governors unanimously elected the 59-year-old Kanda to succeed Masatsugu Asakawa, who will leave office on Feb. 23, 2025.

Kanda will complete the unexpired term of Asakawa ending on Nov. 23, 2026.

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Kanda currently serves as special advisor to Japan Prime Minister Shigeru Ishiba and minister of finance.

“Mr. Kanda’s extensive experience in international finance and proven leadership in multilateral settings will serve ADB well in navigating complex global economic challenges and fostering international cooperation,” Fabio Panetta, chair of the ADB board of governors and the governor of the Bank of Italy, said.

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With nearly four decades of experience, Kanda has held key leadership roles at the Ministry of Finance of Japan, including vice minister of finance for international affairs where he oversaw market interventions to shore up a weak yen earlier this year.

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He has extensive experience in financial sector policy and macrofiscal policy, having served as deputy commissioner at the financial services agency, deputy director general of the budget bureau, and deputy vice minister for policy planning and coordination.

He is also a leading expert in education and science policy as well as university reform.

Kanda has been actively engaged in the G7, G20 and other international forums, addressing key policy challenges such as multilateral development bank evolution, and debt sustainability and transparency.

Kanda obtained his Bachelor of Laws from the University of Tokyo in 1987 and Master of Philosophy in Economics from Oxford University in 1991.

Data shows the ADB is the Philippines’ second largest source of official development assistance in 2023, amounting to $11.43 billion across 62 loans and grants.

Japan—a leading shareholder in the ADB—reclaimed its spot as the Philippines’ top source of concessional financing at $12.07 billion.