By IANS,
New Delhi : India’s Ashok Kumar Jha, former finance secretary, has lost out to China’s Zhao Xiaoyu in the election to the post of vice-president of the Asian Development Bank (ADB).
China’s Zhao Xiaoyu has succeeded Ligun Jin, who retired as Manila-based ADB’s vice-president. Zhao Xiaoyu has served the Export-Import Bank of China as vice-president (operations).
Sources in the government Monday said that the election of Zhao Xiaoyu to the ADB’s key post has exposed chinks in India’s lobbying strategy for such slots.
“Chinese lobbyists have proved their superiority once again by retaining the post of ADB vice-president,” a government functionary told IANS, who did not wish to be identified.
Zhao Xiaoyu’s predecessor Ligun Jin was also from China.
The Board of Directors of ADB Aug 14 approved the appointment of Zhao Xiaoyu, who would oversee the operations of the bank’s south, central and west Asia departments.
ADB is a multilateral development financial institution. Its efforts are directed at eradicating poverty in the Asia-Pacific region through inclusive economic growth.
ADB was established in 1966, and has 67 members out of which 48 are in the Asia-Pacific region.