Azernews.Az

BAKU – The Board of Directors of the Asian Development Bank (ADB), acting on the recommendation of President Haruhiko Kuroda, has approved the appointment of Stephen Groff as Vice-President, the bank reported.

As ADB’s Vice-President for Operations 2, Groff will be overseeing the operations of the East Asia Department, Southeast Asia Department, Pacific Department and Central Operations Services Office.

Groff is currently Deputy Director for Development Cooperation at the Paris-based Organisation for Economic Co-operation and Development (OECD), where he leads OECD’s work on a wide range of development-related economic and political issues.

Groff succeeds Lawrence Greenwood, who left the post on 26 May.

Established in 1966, the ADB is a major source of development financing for the Asia and Pacific region. With more than $17.5 billion in approved financing, and 2,800 employees from 59 countries, ADB - in partnership with member governments, independent specialists and other financial institutions - is focused on delivering projects that create economic and development impact.

The leading shareholders of the ADB are Japan and the USA (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).