The Asian Development Bank (ADB) has confirmed the re-election of Takehiko Nakao for a second term as president.

Nakao was first elected in 2013 to serve the remaining three-and-a-half years of his predecessor Haruhiko Kuroda’s term. He is the ninth president of the development bank, all of which have been Japanese. Nakao was the sole nominee for the role and his appointment was confirmed after he received unanimous backing from the ADB’s governors.

The past couple of years of his tenure have been defined by the emergence of a potential regional rival development bank, the Asian Infrastructure Investment Bank (AIIB), a China-backed and majority funded institution.

However, both Nakao and his counterpart have been keen to stress the need for collaboration and the amount of projects that need additional financing in Asia. The pair have already collaborated on a number of projects in Central Asia, including in Pakistan.

He has also underseen ADB lending reach record levels. His latest strategy review will see it up lending from US$13bn in 2014 to US$20bn by 2020.

Speaking on his re-election, Nakao says: “It is a great honor to receive the mandate of the ADB members to serve as president of the ADB for another five years. I will devote myself to continuing to lead the ADB to an even more elevated standing as the primary development institution in the region that helps achieve inclusive and sustainable development in Asia and the Pacific.”