Manila, Sep 9 (IANS): Asian Development Bank (ADB) President Masatsugu Asakawa informed the ADB's board members, management, and staff on Monday about his intention to resign as President on February 23, 2025.

Asakawa has served as ADB's 10th President since January 17, 2020, Xinhua news agency reported.

"After careful consideration and reflection, I believe it is time to step aside and make way for new leadership with a fresh perspective and renewed energy," he said in a statement.

"By announcing my resignation now, I aim to ensure a smooth and orderly transition leadership," he added.

"A key focus of my leadership has been climate change. Together, we boldly repositioned ADB as the Climate Bank for Asia and the Pacific, with an ambition to mobilise at least $100 billion in climate financing by 2030. This initiative is catalysing significant investments in mitigation and adaptation efforts, including through the private sector," the ADB President further said.

"None of this would have been possible without the hard work, dedication, and unwavering commitment of the ADB Board, Management, and Staff to our shared mission," he said.

"Together, we have made a real difference in the lives of millions across Asia and the Pacific, and I look forward to watching the institution I care so deeply about reach even greater heights," he added.

Asakawa, who succeeded Takehiko Nakao in 2020, finished the unexpired term of Nakao, which was supposed to end on November 23, 2021.