Takehiko Nakao, a former Japan vice minister for finance, has been elected president of Asian Development Bank, the Philippines-based lender announced today.Nakao, 57, replaces compatriot Haruhiko Kuroda, who stepped down last month to become governor of Japan's central bank.Nakao, a former vice minister of finance for international affairs, will assume office as ADB's ninth president on Sunday, Finance Minister P. Chidambaram, also chairman of the ADB board of governors, said in a statement.The ADB, which has 67 member countries and territories including Japan and the United States, helps its developing members tackle poverty by providing loans, technical assistance and grants for a broad range of development activities.It approved 21.72 billion US Dollars worth of financing in 2011,according to its own data.