The Asian Development Bank said Thursday that Masato Kanda, former Japanese vice finance minister for international affairs, is the sole candidate in the race to succeed outgoing President Masatsugu Asakawa.
A vote of confidence in 59-year-old Kanda, who was recommended by the Japanese government, will be taken over the course of a month from Monday.
He will need to win the support of a majority of the ADB's 69 member states and regions, as well as a majority in terms of voting rights assigned to members based on their capital subscriptions. The result will be announced on Nov. 28.
Asakawa, 66, said last month that he intends to step down on Feb. 23 next year.
Japan and the United States are the biggest capital contributors to the ADB, and a Japanese national has occupied the bank's presidency since its establishment in 1966.
Kanda hopes to garner the support of member states and regions by using the name recognition gained through his roughly three-year tenure, through this July, as Japan's top currency diplomat.
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