Takeshi Watanabe, the first President of the Asian Development Bank has passed away in Tokyo, Japan on Monday the 23rd of August.

Watanabe who played a pivotal role in realizing the establishment of the ADB headed the multilateral body from 1966 to 1972.

It was under Watanabe the first bond was issued in the Federal Republic of Germany in 1969 and also the agreement to set up the ADB’s multilateral source of concessional lending in 1972.

“He combined idealism with practicality and can be credited with both helping to create ADB’s identity, as well as putting it on a sound financial footing,” stated ADB President Haruhiko Kuroda, in a statement released by the multilateral agency.

After resigning from ADB, Mr. Watanabe took on a number of roles including advisor to the Bank of Tokyo, President of the Japan Credit Rating Agency, and honorary chairman of Japan Silver Volunteers Inc.

His book of memoirs of ADB “Towards a New Asia” was published in 1973.

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