Sidi Ould Tah, a former Mauritanian Minister of Economy, has been elected the new President of the African Development Bank (AfDB), taking over from Nigeria’s Akinwumi Adesina.
His election comes at a crucial time when the bank is facing funding challenges, particularly a possible withdrawal of US financing from the institution.
Sidi Ould Tah, 60, secured the top job after just three rounds of voting, receiving 76.18% of the total vote. This was a much quicker win compared to Adesina’s six-round election in 2015.
Zambian economist Samuel Munzele Maimbo came in second with 20.26%, while Senegal’s Amadou Hott finished third with 3.55%.
To win, a candidate must gain support from both the 81 member countries of the bank and the 54 African nations within that group.
Tah not only achieved this but also earned 72.37% of the African votes. His long-term leadership of the Arab Bank for Economic Development in Africa (BADEA) was seen as a strong advantage, especially in bridging North and Sub-Saharan Africa.
Reacting to the result, Maimbo hailed Tah, saying, “I wish to congratulate Dr Sidi Ould Tah on his successful election as the President-elect of the African Development Bank Group,
“I entered this race driven by love and deep concern for our continent, and offered a vision for Africa’s future.
“Today, the Governors have chosen the leader they believe will best deliver the vision of the Africa we want at this pivotal moment.”
Tah has promised to focus on strengthening regional banks, promoting Africa’s financial independence, investing in infrastructure that can withstand climate change, and turning population growth into an opportunity for development.
He will face early challenges, including a tough global economic climate and a potential loss of \$500 million in funding from the U.S., a move pushed by the Trump administration.
Under Adesina’s leadership, the bank focused on five key goals: powering the continent, feeding its people, industrializing Africa, improving integration, and raising the quality of life.
“I am proud of the legacy we are leaving behind for… my successor, for the bank and for Africa,” the outgoing president said in a speech on Tuesday.
“We have built a world-class financial institution that will continue to advance Africa’s position within a rapidly changing global development and geopolitical environment.”
Adesina noted in his farewell speech that 565 million people benefited from AfDB projects during his time as president.
He highlighted major achievements, including funding Africa’s largest wastewater plant in Egypt, building a bridge between Senegal and the Gambia, expanding Togo’s port, supporting sanitation in Lesotho, and boosting electricity access in Kenya.
He also pointed out that the bank’s capital grew from $93 billion in 2015 to $318 billion by 2025, a testament to the institution’s growing influence and reach.
KanyiDaily recalls that AfDB President, Akinwumi Adesina said Nigeria has no reason to be hungry because of the vast land in the country.
