MANILA--Asian Development Bank President Haruhiko Kuroda said he welcomes calls by the BRICS group of fast-growing nations to create a new development bank.
Kuroda told a news conference here May 2 that international institutions alone cannot provide the huge development funds needed by developing economies.
Kuroda cited an ADB estimate that infrastructure building in the Asia-Pacific region alone will cost $8 trillion (640 trillion yen) by 2020.
The BRICS--Brazil, Russia, India, China and South Africa--agreed during a summit meeting in late March to start discussions about creating a new development bank.
The move reflects frustration that all international institutions, including the ADB, are led by industrialized nations and do not fully reflect the voices of emerging countries.
Japanese have held a monopoly of the ADB presidency.
Kuroda was noncommittal when asked if he thought the ADB should be headed by a Japanese.
He said the president, in principle, should be named on the basis of performance, but did not elaborate.
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