AfDB Annual Summit Opens in Abidjan Amid Leadership Transition and Capital Mobilisation Drive
Over 6,000 delegates from 81 countries convened in Abidjan on Monday as the African Development Bank commenced its 2025 Annual Meetings, focusing on strategies to harness Africa's capital for sustainable development. The five-day event, held at the Sofitel Abidjan Hotel Ivoire, is set to culminate in the election of a new president to succeed Dr. Akinwumi Adesina, whose decade-long tenure concludes in September.
The summit's theme, 'Making Africa's Capital Work Better for Africa's Development,' underscores the continent's pursuit of self-reliance amid global economic challenges, including proposed $555 million funding cuts from the United States. This financial shortfall has intensified discussions on mobilising domestic resources and fostering partnerships with non-traditional donors such as China, Saudi Arabia, and the United Arab Emirates.
Five candidates are vying for the presidency, each bringing distinct visions to steer the AfDB through this pivotal period. Swazi Tshabalala, the sole female contender and former senior vice president of the AfDB, advocates for internal restructuring to enhance infrastructure focus and innovation in financial instruments. Amadou Hott, Senegal's ex-economy minister, emphasises African financial self-reliance by improving revenue mobilisation and facilitating private-sector investments. Samuel Munzele Maimbo, a Zambian and current World Bank vice president, proposes enhancing intra-African trade and regulatory streamlining. Sidi Ould Tah of Mauritania focuses on economic sovereignty, capital mobilisation, and building climate-resilient infrastructure. Abbas Mahamat Tolli, with extensive financial experience across Central Africa, aims to strengthen governance and promote digital finance mechanisms.
ADVERTISEMENT
The election process requires a double majority: over 50% of votes from the 54 African member states and a similar majority from the broader 81-member group, including non-African stakeholders. The outcome, expected on Thursday, will determine the bank's leadership amid pressing financial and developmental challenges.
A key highlight of the meetings is the launch of the African Economic Outlook 2025 report, which analyses the continent's economic performance and outlines strategies for effective capital mobilisation. The report addresses issues such as low tax-to-GDP ratios, inefficient public expenditure, and the need for institutional reforms to improve governance and reduce illicit financial flows.
The summit also features thematic discussions on building effective institutions, leveraging digital transformation, and enhancing governance to foster inclusive and resilient economies. These discussions aim to align with the Sustainable Development Goals, the Paris Climate Agreement, and the African Union's Agenda 2063.
Energy access remains a focal point, with the AfDB highlighting its achievements in connecting over 25 million people to electricity over the past decade. The bank's 'Light up and Power Africa' initiative and the recent 'Mission 300' collaboration with the World Bank aim to provide electricity to 300 million Africans by 2030, emphasising renewable energy investments and public-private partnerships.
The meetings occur against a backdrop of global economic shifts, including increased U.S. import tariffs and reduced bilateral support to African countries. These developments have prompted African leaders to advocate for greater self-reliance and the establishment of mechanisms like the African Financial Stability Mechanism , designed to prevent potential debt crises by borrowing on international capital markets with its own credit rating.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
28 minutes ago
- Gulf Today
Musk vows to stay Trump's 'friend' in bizarre black-eyed farewell
Billionaire Elon Musk bade farewell to Donald Trump in an extraordinary Oval Office appearance Friday, sporting a black eye, brushing aside drug abuse claims and vowing to stay a "friend and adviser" to the US president. As the world's richest person bowed out of his role as Trump's cost-cutter-in-chief, the Republican hailed Musk's "incredible service" and handed him a golden key to the White House. But Trump insisted that Musk was "really not leaving" after a turbulent four months in which his Department of Government Efficiency (DOGE) cut tens of thousands of jobs, shuttered whole agencies and slashed foreign aid. "He's going to be back and forth," said Trump, showering praise on the tech tycoon for what he called the "most sweeping and consequential government reform programme in generations." South-African born Musk, wearing a black T-shirt with the word "Dogefather" in white lettering and a black DOGE baseball cap, said many of the $1 trillion savings he promised would take time to bear fruit. "I look forward to continuing to be a friend and advisor to the president," he said. But many people were more interested in the livid black bruise around Musk's right eye. Speculation about the cause was further fuelled by accusations in the New York Times Friday that Musk used so much of the drug ketamine on the 2024 campaign trail that he developed bladder problems. 'Punch me' The SpaceX and Tesla magnate said that his son was to blame for the injury. "I was just horsing around with lil' X, and I said, 'go ahead punch me in the face,'" 53-year-old Musk said. "And he did. Turns out even a five-year-old punching you in the face actually is..." he added, before tailing off. Musk, however, dodged a question about the drug allegations. The New York Times said Musk, the biggest donor to Trump's 2024 election campaign, also took Ecstasy and psychoactive mushrooms and travelled with a pill box last year. Musk, who has long railed against the news media and championed his X social media platform as an alternative, took aim at the paper instead. "Is that the same publication that got a Pulitzer Prize for false reporting on the Russiagate?" said Musk, referring to claims that Trump's 2016 election campaign colluded with Moscow. "Let's move on. Okay. Next question." Later in the day, when a reporter asked Trump if he was "aware of Elon Musk's regular drug use," Trump simply responded: "I wasn't." Agence France-Presse
Zawya
a day ago
- Zawya
Curtain falls on African Development Bank Group 2025 Annual Meetings, New President Elected
Nigeria provides $500 million to extend the Nigeria Trust Fund for another 15 years 'It has been the greatest honour of my life to serve as president of the African Development Bank Group and to serve Africa '– Dr. Akinwumi Adesina The African Development Bank Group's 2025 Annual Meetings ( closed on Friday with a plenary session, following five days of meetings and discussions on Africa's development landscape. The meetings also saw the election of a new president for a five-year term, beginning 1 September. On Thursday, governors of the Group's 81 shareholders elected former finance minister Mauritanian Sidi Ould Tah as the new president of the continent's premier development institution. The meetings were held in Abidjan, Côte d'Ivoire from 26-30 May under the theme: Making Africa's Capital Work Better for Africa's Development —a call for leaders to ditch aid and look inwards to Africa's rich capital to solve its development and economic challenges. Secretary General of the Bank Vincent Nmehielle described the meetings as a 'resounding success'. He thanked Nialé Kaba, Minister of Economy, Planning and Development, outgoing Chairperson of the Boards of Governors, for her 'sterling work, dedication and guidance of her duties over the past year.' He also thanked the 81 governors—finance ministers, economy ministers or central bank governors representing each of the African Development Bank's shareholder countries. Thirteen outgoing executive directors who have finished their term of office were recognized. Together, they represent a 75 percent change in the board composition for the next year. Outgoing President Dr. Akinwumi Adesina expressed his best wishes to the president-elect. 'I am delighted for my brother and friend on his election as president of the African Development Bank Group. Hearty congratulations! I wish you great success in the years ahead,' Adesina said. Participants also heard video congratulatory messages to Adesina from world leaders, including World Bank head Ajay Banga and Ngozi Okonjo-Iweala, director general of the World Trade Organization. The Board of Governors also sent a congratulatory message conveyed through the Bank governor for Zambia, Situmbeko Musokotwan, Minister of Finance and National Planning. 'We thank you for the remarkable results,' he said. The meetings also saw new milestones for the Bank. On Thursday, the Bank signed an agreement with the Finance ministry of Nigeria to extend the Nigeria Trust Fund ( another 15 years. Nigeria provided an additional $500 million to the Nigeria Trust Fund. 'An impressive contribution. Thank you, Nigeria,' Adesina said. The Nigeria Trust Fund, the third arm of the Bank Group, is a self-sustaining revolving fund set up to assist the development efforts of the Bank's low-income regional member countries whose economic and social conditions and prospects require concessional financing. Its resources are allocated to projects, not to countries. 'I am glad this agreement was signed a day before the end of the meetings,' Adesina said. In an emotional farewell, Adesina sang a few of his favorite songs—Johnny Nash's 'I can see clearly now,' and Bob Geldof's 'We are the World.' 'This is my last Annual Meetings as president of the African Development Bank Group, after completing two five-year terms,' Adesina said. 'It has been an extraordinary ten years working together... Thank you for the opportunity, trust and resources you gave me to serve as President of the African Development Bank Group. It has been the greatest honour of my life to serve as President of the African Development Bank Group and to serve Africa.' In a short ceremony Kaba, handed the African Development Bank's flag to Congolese Economy minister Ludovic Ngatse and announced that the 2026 Annual Meetings of the Bank Group will take place in Congo Brazzaville from 25-29 May 2026. Speaking on behalf of Ivorian Prime Minister Robert Beugre, Kaba also thanked all participants 'for contributing to the strategic reflection and solidarity with a view to steering our continent to a better future. and Cote d'Ivoire, the host country.' In addition to the official programme, 60 side events as well as cultural events and a spouse's programme were part of this year's colourful meetings. To review sessions you missed or for any information on the Annual Meetings, click here ( Distributed by APO Group on behalf of African Development Bank Group (AfDB). Contact: Amba Mpoke-Bigg Communication and External Relations Department email: media@ About the African Development Bank Group: The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information:
Zawya
a day ago
- Zawya
In the Democratic Republic of Congo (DRC), the African Development Bank is accelerating the transformation of infrastructure and access to basic social services
Roads in Kenge, Kikwit, Tshikapa, Kamuensha, and Mbuji-Mayi have been completely rehabilitated, new stretches of road built, and urban roads modernized. Numerous examples of socioeconomic infrastructure have also benefited from the financial support of the African Development Bank Group ( helping to transform the daily lives of hundreds of thousands of Congolese. A multi-sectoral mission from the government of the Democratic Republic of Congo (DRC) and the African Development Bank witnessed the impact of these investments during field visits to the five municipalities in western DRC between 5 and 19 May 2025. More specifically, the three projects, financed by the Bank, focus on rehabilitating road infrastructure, enhancing air safety, and improving access to basic social services. Health centres, hydraulic structures equipped with modern technology, provincial rural markets, schools, a refurbished runway in Mbuji-Mayi, and air safety equipment meeting international standards are just some of the successes the joint mission was able to witness. "The mission measured the concrete impact of the projects supported by the Bank in Kasai. From roads to social infrastructure and air safety, progress is visible and is transforming the lives of the population. We pay tribute to the work completed and remain committed to consolidating the gains achieved, in particular with the extension of the Mbuji-Mayi runway to make it a hub that meets international standards," commented Mohamed Coulibaly, Country Programme Manager in charge of the Bank Group's Office in the Democratic Republic of Congo. Opening a key route in the road network The first stage of the mission concerned the project to rehabilitate the Kinshasa/Ndjili-Batshamba section of national road no. 1. The project involves the rehabilitation of 622 kilometres of road between Kinshasa and Batshamba via Kenge and Kikwit, a key route in the Congolese road network. In the past, this strategic corridor was virtually impassable due to the advanced deterioration of the road surface and a series of sinkholes, and took several days or in some cases weeks, to drive along. Thanks to $68.57 million in funding from the African Development Bank, the work carried out now means the route can be travelled safely in less than a day. This improves connectivity between the capital and the provinces of Mai-Ndombe, Kwango, Kwilu and Kasaï. "In addition to asphalting the road, the Bank has financed the construction and equipping of schools, health centres, boreholes, rural markets, social reintegration centres, administrative buildings, a modern market and weigh stations along the route, as well as the rehabilitation of over 700 kilometres of rural roads," explains Jean Luemba, the RN1 project coordinator. The Bank has also provided substantial logistical support (vehicles and IT equipment) to the state structures involved in the projects. Ultimately, this initiative will benefit over 19 million people by facilitating access to markets, improving the availability of agricultural products and food security, and supporting mobility and economic activities. Significant progress in social infrastructure In terms of social infrastructure, the achievements of the second phase of the Project for the Reinforcement of Socioeconomic Infrastructure in the Central Region (PRISE II) are significant: most of the construction work on schools, health centres, public latrines, and rural markets has been completed or is nearing completion. The execution rate is estimated at 75%. As for the 41 schools under construction, most are ready for handover. The same applies to the 40 health centres, whose buildings have been completed. Public markets are also making good progress, with several structures already operational. In addition, the project has planned community awareness-raising and vocational training activities, including training young people in plumbing, promoting hygiene and local water governance. During the joint mission, the national authorities reiterated their willingness to broaden the scope of the "PRISE" project by integrating geophysical studies into the Drinking Water Supply and Sanitation Programme, thus supporting the national ambition of universal coverage in this area. The project's aim is to reach over 870,000 direct beneficiaries in 10 provinces, by improving access rates to water, sanitation, health and education. Advanced airport infrastructure In the air transport sector, a visit to the second phase of the Priority Air Safety Project (PPSA2) revealed remarkable progress in the rehabilitation and extension of the Mbuji-Mayi runway. Around 85% of the 320-metre runway has already been completed. The new tarmac is 95% complete, while the ramp, service road and runway end safety areas (RESA) are 70 to 75% complete. Vital technical infrastructure such as the control tower, power plant, fire station, and lighting system are nearing completion. At Kisangani-Bangoka international airport, the aircraft movement areas, taxiways and tarmac have been completely rehabilitated, and two turn pads have been installed. In addition, six radio navigation systems (DVOR/DME) have been deployed at Goma, Mbuji-Mayi, Kindu, Kinshasa, Lubumbashi, and Mbandaka, enhancing the safety of domestic flights. Eight VHF radio channels have also been installed at several secondary airports to improve aeronautical communication. The upgrading of equipment, combined with capacity-building for technical staff, has reduced the number of air accidents in the DRC from an average of 10 to one a year. The project also includes training for the Régie des voies aériennes staff in the following areas: safety and air bases, maintenance techniques and project management for the Régie, and air transport inspectors for the Civil Aviation Authority. At the end of the visit, the mission underlined the technical quality of the work carried out, the commitment of the contractors and local ownership. In Tshikapa, a local resident declared: "Tshikapa today is the African Development Bank!", testifying to the visibility and tangible impact of the projects on the daily lives of the local population. These results also illustrate the importance of close coordination between the Bank, the Congolese government and technical and financial partners, including the European Union and the World Bank, which were also involved in the construction of certain sections of the RN1. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
