three rounds of votes at a ministerial conference in Manila in November/December 1965. In the first round on 30 November, Tokyo failed to win a majority, so a second ballot was held the next day at noon. Although Japan was in the lead, it was still inconclusive, so a final vote was held after lunch. In the third poll, Tokyo gained eight votes to Manila's nine, with one abstention. Therefore, Manila was declared the host of the new development bank; the Japanese were mystified and deeply disappointed. Watanabe later wrote in his personal history of ADB: "I felt as if the child I had so carefully reared had been taken away to a distant country." (Asian Development Bank publication, "Towards a New Asia", 1977, p. 16) As intensive work took place during 1966 to prepare for the opening of the new bank in Manila, high on the agenda was choice of president. Japanese Prime Minister Eisaku Satō asked Watanabe to be a candidate. Although he initially declined, pressure came from other countries and Watanabe agreed. In the absence of any other candidates, Watanabe was elected first President of the Asian Development Bank at its Inaugural Meeting on 24 November 1966. By the end of 1972, Japan had contributed $173.7 million (22.6% of the total) to the ordinary capital resources and $122.6 million (59.6% of the total) to the special funds. In contrast, the United States contributed only $1.25 million to the special fund. After its creation in the 1960s, ADB focused much of its assistance on food production and rural development. At the time, Asia was one of the poorest regions in the world. Early loans went largely to Indonesia, Thailand, Malaysia, South Korea and the Philippines; these nations accounted for 78.48% of the total ADB loans between 1967 and 1972. Moreover, Japan received tangible benefits, 41.67% of the total procurements between 1967 and 1976. Japan tied its special funds contributions to its preferred sectors and regions and procurements of its goods and services, as reflected in its $100 million donation for the Agricultural Special Fund in April 1968. Watanabe served as the first ADB president to 1972. 1970s–1980s In the 1970s, ADB's assistance to developing countries in Asia expanded into education and health, and then to infrastructure and industry. The gradual emergence of Asian economies in the latter part of the decade spurred demand for better infrastructure to support