Former ADB President dies at age of 95

13:15, July 13, 2010      

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Former Asian Development Bank (ADB) President Shiro Inoue died of pneumonia in Japan on Sunday at the age of 95, Manila-based ADB headquarters said in a news release on Tuesday.

When he served as ADB's second president from 1972 to 1976, ADB 's annual lending commitments more than doubled to 776 million U.S. dollars.

"I am deeply saddened by the news," said ADB President Haruhiko Kuroda. "Mr. Inoue will be sorely missed by all those who knew him and worked with him during his time at ADB."

Under Inoue's leadership, ADB supported the development of indigenous energy resources, and oversaw the establishment of the Asian Development Fund in 1974 to streamline the financing of concessional loans to ADB's poorest member countries, the release said.

ADB, established in 1966, is owned by 67 members, 48 from the region. In 2009, it approved 16.1 billion U.S. dollars in financing operations through loans, grants, guarantees, a trade finance facilitation program, equity investments, and technical assistance projects. ADB also mobilized cofinancing amounting to 3. 2 billion U.S. dollars.

Source: Xinhua


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