Former Mauritanian Finance Minister Sidi Ould Tah Elected President of African Development Bank (AfDB)
On Thursday, former Mauritanian Minister of Finance, Sidi Ould Tah, was elected President of the African Development Bank (AfDB) following elections held during the bank’s annual meeting in Côte d’Ivoire.
He will succeed Nigeria’s renowned economist Akinwumi Adesina, who will officially leave office in September after completing the maximum two five-year terms.
The AfDB, with a capital base of $318 billion, is a financial institution for 54 African countries along with external partners including the United States, Japan, and Saudi Arabia. Its largest shareholder is Nigeria.
Tah will take office at a time when the bank is grappling with Washington’s proposal to cut $555 million from its African Development Fund (ADF), which provides low-interest loans and grants to more than 30 of the continent’s poorest countries.
Serah Makka, Executive Director of Africa in One, a global advocacy group for the extremely poor, stated: “Africa’s economy is under immense pressure, facing a mix of challenges including rising debt, inflation, climate change, and limited fiscal space.”
Between infrastructure demands and long-term investment needs, African countries require significant financial support, as reported by Reuters.
The AfDB has identified a structural financing gap exceeding $400 billion—equivalent to nearly 14% of Africa’s projected GDP by 2030.
