List of 5 Best Candidates in Line for Africa Development Bank Presidency
- The African Development Bank (AfDB) is a multilateral development finance institution with its headquarters based in Abidjan, Ivory Coast
- The bank is a financial provider to African governments and private companies investing in the regional member countries
- The top officials of the fund are set to meet this week to appoint a new president at a time when the lender is facing huge challenges from funding cuts by the United States government
Bonface Kanyamwaya, a journalist at TUKO.co.ke, has more than 10 years of financial, economic, business, markets, and aviation expertise, providing insights into Kenya and global trends.
The African Development Bank is set to meet this week in Ivory Coast to appoint a new president.
Source: Twitter
The new president of the African lender will take over from outgoing boss Akinwumi Adesina, who is scheduled to step down in September 2025.
He will be stepping down after serving the maximum of two five-year terms as provided for in the organisation's governance rules.
In the election, the winner must secure 50.01% of votes from the 54 African member states of the lender in the first vote, and 81 members in the second vote, including non-African countries.
"This is going to be a major task and it is effectively the new president's first test," Hannah Ryder, founder of Development Reimagined, an Africa-focused consultancy, told Reuters on Monday, 26 May.
Who are the five candidates in the AfDB presidential race?
So far, five candidates have expressed their interest in the job. They include Amadou Hott from Senegal, Samuel Munzele Maimbo from Zambia, and Sidi Ould Tah from Mauritania.
Others are Abbas Mahamat Tolli from Chad, and Bajabulile Swazi Tshabalala from South Africa.
The new president of the African lender, who will take over later in the year, is likely to face mounting challenges, mainly due to funding cuts by the United States government.
The US federal government has announced plans to cut $555 million (KSh 72 billion) in funding to the AfDB, which offers low-priced financing to African nations.
So what must the new AFDB boss do to get funding?
This means the new winner will have to negotiate with the US to restore the funding.
He will also be required to seek additional funds from non-regional members of the bank, such as Saudi Arabia, China, or the United Arab Emirates, in return for more influence.
Alternatively, once elected, the new AfDB President will have no option but to ask African member states to contribute more.
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.
The next round of replenishment for the ADF window, which is held on a three-year cycle, is scheduled to take place in November this year.
Source: Twitter
African Development Bank chief warns of tariff "shock wave"
In other news, on the onslaught of tariffs by the US government, the African Development Bank (AfDB) has warned that the American nation will send "shock waves" through African economies.
Outgoing AfDB President Adesina said on Friday, April 11 that the shock wave will result into reducedtrade and higher debt-servicing costs.
The comments came barely a few days after US President Donald Trump upended global markets by pushing -- and then retracting -- a slew of tariffs in recent days.
Proofreading by Jackson Otukho, copy editor at TUKO.co.ke.
Source: TUKO.co.ke
