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Former Mauritanian Finance Minister Sidi Ould Tah elected president of the African Development Bank (AfDB)
Sidi Ould Tah has been elected President of the African Development Bank (AfDB) Group in Abidjan, Côte d’Ivoire on Thursday.
The president-elect, who was backed by Mauritania, defeated four candidates, including South Africa’s Bajabulile Swazi Tshabalala and Zambia’s Samuel Maimbo.
Africa’s largest development finance institution is owned by 54 African states and G7 nations like the US and Japan. Its biggest shareholder is Nigeria.
Five candidates from South Africa, Senegal, Zambia, Chad and Mauritania were vying to replace outgoing President Akinwumi Adesina, who will step down in September after serving the maximum two five-year terms.
After months of intensive campaigning, Mauritania’s candidate has emerged as the new leader of the African Development Bank Group.
The South African delegation has wished Tah well as the new leader of the multilateral financial institution.
The African Development Bank Group says the election was fairly democratic, and it looks forward to working with the new leader.
The winner, who must secure 50.01% of the votes from the 54 African member states of the bank, and in a second vote from all 81 members, including non-African ones, will be announced on Thursday.
The bank is grappling with the challenges of a changing global economy after US President Donald Trump returned to the White House, including higher US import tariffs.
“We expect the meeting to discuss implications of current global events arising from the Trump administration,” said Fred Muhumuza, a lecturer at Makerere University’s business school in Kampala.
“Many of the key contributors have been cutting bilateral support to African countries.” -Additional reporting Reuters
