Mauritania’s former economy minister, Sidi Ould Tah, has been elected as the new President of the African Development Bank (AfDB), succeeding Nigeria’s Akinwumi Adesina.
Tah secured the prestigious post in just three rounds of voting, winning 76.18 per cent of votes.
Tah’s experience as the head of the Arab Bank for Economic Development in Africa (BADEA) for 10 years could be a bridge between North Africa and sub-Saharan Africa.
“I wish to congratulate Dr Sidi Ould Tah on his successful election as the President-elect of the African Development Bank Group,” said Samuel Munzele Maimbo, a Zambian economist who trailed behind in second place.
In his pitch for the AfDB leadership, Tah vowed to strengthen regional financial institutions, assert Africa’s financial independence on global markets, use population growth as a development lever, and build climate change-resistant infrastructure.
He will face a disrupted international economic environment, including the threat of losing $500 million in U.S. funding for AfDB projects.
The AfDB, founded in 1964, is one of the world’s largest multilateral development banks.
During his decade in charge, outgoing president Akinwumi Adesina said 565 million people had benefited from AfDB projects.
“I am proud of the legacy we are leaving behind for my successor, for the bank and for Africa,” Adesina said.
Adesina highlighted major projects, including support for the construction of the Gabal El Asfar wastewater treatment plant in Egypt and a bridge connecting Senegal and Gambia.
The bank’s capital more than tripled from $93 billion to $318 billion during his tenure.
