ISLAMABAD, Nov 18: The board of governors of the Asian Development Bank (ADB) has elected Japan's former vice minister of finance for international affairs, Haruhiko Kuroda, as bank's president.

According to a press release issued by the Pakistan Resident Mission, ADB, Mr Kuroda, 60, will take over as the bank president on 1st February 2005, succeeding advisor to the cabinet of Japanese Prime Minister Junichiro Koizumi and a professor at the graduate school of economic at Hitotsubashi University, Tokyo.

In a career spanning nearly four decades, Mr Kuroda has represented Japan's ministry of finance at a number of international monetary conferences as vice minister of finance for international affairs.

"It is a great honour to be elected president of ADB," said Mr Kuroda. "I am determined that the bank should remain flexible in its approach to many challenges facing its developing member countries. ADB must also continue to strive for greater effectiveness in its operations."

Under his leadership, Japan helped the Asian nations establish a network of currency swap agreements to avert another crisis.

Born in 1944, Mr Kuroda holds a BA in Law from the University of Tokyo and a Master of Philosophy in Economics from the University of Oxford. He joined the ministry of finance in 1967. Eight years later, he was seconded to the International Monetary Fund.