Masato Kanda, the 11th president of the Asian Development Bank (ADB), has officially assumed office from Monday.

Kanda succeeded Masatsugu Asakawa as president. He has accumulated nearly four decades of experience in international finance and development policy. He also served as Japan's Vice Minister of Finance for International Affairs. According to ADB, he played an important role in taking innovative financial solutions and policy measures to stabilize the market.

After assuming office, Kanda said that he feels proud to come to the role of ADB president. "This is an important time for our region, the trust of 69 member countries and the support of dedicated staff have inspired me to fulfill ADB's responsibility to promote sustainable, inclusive and uplifting development," he said.

Kanda is committed to leveraging ADB's institutional expertise to work with partners to deliver transformative change for communities most in need.

'Our support will focus on practical steps to achieve real results, ensuring lasting improvements in the lives of people in Asia and the Pacific,' he said.