MANILA: Takehiko Nakao, a former senior finance ministry official in Japan, will serve for five more years as president of the Asian Development Bank (ADB), the Manila-based lender said Friday.

Nakao, who turns 60 this year, succeeded compatriot Haruhiko Kuroda in April 2013.

“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,” Nakao said in a statement.

The lender, set up in 1966, is owned by 67 member-countries led by Japan and the United States.

It approved a record $16.3 billion in loans and grants to the region last year, including $2.6 billion to the private sector.

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