The Board of Directors of the Asian Development Bank (ADB) has approved the appointment of China's Zhao Xiaoyu as Vice President of the development institution, the lender said in a statement on Thursday.

The appointment was made on the recommendation of ADB President Haruhiko Kuroda, according to the statement.

Zhao succeeds Jin Liqun who retired from ADB's service on July 31, said the Manila-based development bank.

"As ADB's Vice President for Operations 1, Zhao will be overseeing the operations of the South Asia Department, the Central and West Asia Department, and the Private Sector Operations Department," said the statement.

Zhao is currently a Vice President of the Export-Import Bank of China. He served as the Executive Director for the People's Republic of China at ADB from March 1999 to September 2002.

ADB is a multilateral development institution dedicated to reducing poverty in the Asia and Pacific region through inclusive economic growth, environmentally sustainable growth, and regional integration. Established in 1966, it is owned by 67 members, 48 from the region.

In 2007, ADB approved US$10.1 billion of loans, 673 million dollars of grant projects, and technical assistance amounting to 243 million dollars.

(Xinhua News Agency August 15, 2008)