Asian Development Bank (ADB) has appointed a Korean international development expert, Woochong Um as managing director-general. He has been working at the multilateral institution for 27 years as concurrently chief compliance officer of ADB’s Sustainable Development and Climate Change Department.
His role includes supporting ADB President Masatsugu Asakawa to institute bank-wide coherence on key initiatives and issues.
“I am deeply honoured to join President Asakawa’s Management team and to support the implementation of ADB’s Strategy 2030 beyond the COVID-19 pandemic,” said Um. The strategy refers to ADB’s efforts to eradicate extreme poverty and expand its vision to achieve a prosperous, inclusive, resilient, and sustainable Asia and the Pacific until 2030.
The ADB is owned by 68 members — 49 from the region and has an authorized capital of $163.8 billion. Korea, a founding member of the institution, holds the eighth-largest proportion of shares at 5.026 per cent. Japan and the US are the largest shareholders in the ADB with each holding 15.571 per cent of its shares.
Kim Hun, the former director-general for South Asia at the ADB, will be appointed as the director-general of the Social Infrastructure Department of the AIIB in March, according to the ministry. While Um will be joining the new position immediately.
Um holds a Master of Business Administration degree from New York University Stern School of Business and a Bachelor of Computer Science degree from Boston College.