Manila/New Delhi: The board of Asian Development Bank has re-elected Takehiko Nakao as the multilateral funding agency's president for a five-year term beginning November.


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"The Asian Development Bank (ADB) Board of Governors has unanimously re-elected Takehiko Nakao as President of ADB for a further 5 years beginning on 24 November 2016," ADB said in release.


Nakao was first elected as ADB president on April 28, 2013 to serve the three-and-half-years remaining term of his predecessor Haruhiko Kuroda.


Being the ninth president of ADB, he was the sole nominee after ADB's Governors were invited from May 31 to June 30, 2016, to make nominations for the organisation's presidency, the release added.


"It is a great honor to serve as President of the ADB for another 5 years. I will devote myself to continuing to lead ADB to an even more elevated standing as the primary development institution in the region that helps achieve inclusive and sustainable development in Asia and Pacific," Nakao said.


ADB said that during his first term, it has realigned its strategic priorities through mid-term review of 'Strategy 2020' and plans to increase lending capacity from USD 13 billion in 2014 to USD 20 billion by 2020.


"The scaling up of its operations has already made good progress. Last year, ADB's loan and grant approvals reached a record USD 16.3 billion, including private sector operations of USD 2.6 billion, which is also a record high," ADB said.


Manila-headquartered ADB also approved a replenishment of USD 3.8 billion fund in May this year.


Prior to joining ADB in 2013, Nakao was a senior official at Finance Ministry, Japan.


He also taught international finance as a Visiting Professor at the University of Tokyo in 2010 and 2011.


Nakao holds a bachelors degree in Economics from the University of Tokyo and an MBA from the University of California, Berkeley.