Asian Development Bank (ADB), an international development finance institution headquartered in Manila, Phillipines, has appointed Lakshmi Venkatachalam as vice president of the bank. Venkatachalam is the fifth vice president of ADB and has been appointed for a period of three years, it said in a statement.
Venkatachalam will be responsible for ADB’s private sector and cofinancing operations. ADB plans to scale up its private sector operations and cofinancing partnerships as part of its long-term Strategy 2020 framework.
Venkatachalam has over 30 years of experience, and has served several senior level positions in different government programmes. She is currently working as director general of shipping and ex-officio additional secretary to the government of India.
Previously, she was principal secretary to the Government of Karnataka, overseeing the departments of commerce and industry, urban development, planning and program implementation, and economics and statistics. She also served as commissioner, Bangalore Development Authority; managing director of the State Cooperative Marketing Federation in Karnataka; and director in the Ministry of Steel, government of India.
ADB has been working closely with its member countries to reduce poverty and improve the quality of life of their people. It currently has 67 members, and India is one of them. Besides providing debt funding to government agencies, ADB also invest in fund-of-funds for equity investments in socially relevant sectors.