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Kuwait Times
4 hours ago
- Business
- Kuwait Times
Mauritanian Africa's new ‘super banker'
ABIDJAN: Mauritania's former economy minister Sidi Ould Tah was on Thursday elected to succeed Nigeria's Akinwumi Adesina as president of the African Development Bank (AfDB) and tackle the withdrawal of US financing from the institution. In 2015 Adesina took six rounds of voting to become Africa's 'super banker' but Tah, 60, secured the prestigious post in only three, winning 76.18 percent of votes. Zambian economist Samuel Munzele Maimbo trailed well behind in second on 20.26 percent, with Senegal's Amadou Hott third on 3.55 percent. The winner had to secure both a majority of votes from all 81 member countries and a majority of votes from the 54 African nations who are part of the AfDB. Tah, who headed the Arab Bank for Economic Development in Africa (BADEA) for 10 years, secured 72.37 percent of African votes. 'I wish to congratulate Dr Sidi Ould Tah on his successful election as the President-elect of the African Development Bank Group,' Maimbo said in a statement. '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.' With several north African states members of the AfDB, Tah's experience at the BADEA could be a bridge with sub-Saharan Africa. In his pitch for the AfDB leadership, he vowed to strengthen regional financial institutions, assert Africa's financial independence on global markets, use population growth as a development lever and build climate change-resistant infrastructure. The AfDB, founded in 1964, is one of the world's largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans. But Tah will immediately face a disrupted international economic environment, notably due to announcements from the US Trump administration. Beyond tariffs, the AfDB is also facing the threat of losing $500 million in US funding for its projects to support low-income countries on the continent. All five candidates in the running for the top job promised to make the AfDB even more effective to transform Africa, continuing Adesina's five priorities to light up, feed, industrialize, integrate and improve 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,' he added. Adesina said 565 million people had benefited from AfDB projects during his decade in charge. Major projects include support for the construction of the Gabal El Asfar wastewater treatment plant in Egypt — the largest in Africa. The bank also helped finance a bridge connecting Senegal and the Gambia, expanded the port of Lome in Togo and supported sanitation projects in Lesotho and access to electricity in Kenya, he said. From 2015 to this year, the bank's capital more than tripled from $93 billion to $318 billion, he added. — AFP
IOL News
a day ago
- Business
- IOL News
Let the Soil Speak: A Decade of African Dignity and Development
When the morning sun gilds the rooftops of Abidjan, it doesn't just mark a new day, it signals another chapter in Africa's quiet but determined rewriting of its destiny. In a continent too often narrated in shadows, Akinwumi Adesina, President of the African Development Bank (AfDB) has, over the past decade, spoken in light. At what may be his final annual gathering with the press in his role as AfDB President, Adesina was not merely closing a chapter; he was bequeathing a manifesto. This was no hollow valedictory, it was a clarion, a drumbeat echoing across the savannahs and capitals alike: Africa's development must be pursued with pride. Pride, not as pomp, but as purpose. The Measure of a Legacy When Adesina took the helm of the AfDB ten years ago, he did not walk into a vacuum. The Bank was a reputable institution, yes, but it lacked teeth in a global financing order that often read Africa as an afterthought. He sharpened those teeth. From a capital base of $93 billion (R1.67 trillion), the Bank under his leadership now commands $318 billion (R5.7 trillion), not as mere digits, but as vessels of life, infrastructure, light, and opportunity. But as any African griot will tell you, you can't measure the rain only by how full the river runs, you must ask the farmer if the harvest came. And so, Adesina pointed not to balance sheets but to the 565 million lives touched by the Bank's "High 5s": to light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life for the people. From building a Bridge to electrification in forgotten corners of Kenya, the High 5s did more than build. They restored dignity. He recalled a Kenyan woman who was asked what she thought of the Bank. She responded that she did not know the President, nor the Board. Her words were unfiltered truth: 'I don't know the African Development Bank. I just know that we were in darkness, and now we have light.' In that single sentence lies the poetry of true development, when institutions disappear, and transformation becomes a lived reality. The Sweat of Leadership Adesina, charismatic yet grounded, spoke of the grey hairs earned during this journey. Not signs of aging, he insisted, but "battle marks from pushing against the tide of global indifference." There is a tendency in international circles , often housed in glass towers far from dust and poverty, to measure leadership in conferences attended or communiqués issued. Adesina reminded us that African leadership, the kind that makes a dent, is measured in calloused hands, sleepless nights, and the refusal to accept mediocrity cloaked as realism. He did not do it alone. "This is not the story of one man,' he said. 'It is the chorus of a continent refusing to be pitied and choosing instead to be proud.' A New Horizon: The 2025 Elections As the 2025 AfDB Annual Meetings return to Abidjan from May 26 to 30, the institution stands at a new crossroads. With the baton soon to be passed, one of the most closely watched contenders is Swazi Tshabalala, a strategic mind from South Africa whose pitch to BRICS AFRICA CHANNEL earlier this year was clear: 'Lift Africa.' Her agenda is as pragmatic as it is aspirational: transform the Bank into a high-performance, digitally-enabled machine of delivery; unlock large-scale infrastructure as a foundation of continental competitiveness; fuel regional integration through private sector mobilisation and financial innovation. In her vision, the AfDB becomes less a financier of projects and more a conductor of Africa's symphony of progress. Her leadership plan is not one of wishful thinking. It is laced with the hard language of execution, efficiency, and outcomes. Tshabalala is betting on Africa's potential ,not just as a narrative but as capital. And her candidacy may well signal the continued Africanisation of African solutions. Telling Africa's Story - Our Way Adesina ended his remarks not with a conclusion, but with a challenge. 'You, the media, are not bystanders. You are amplifiers. You shape the world's imagination of Africa.' In that statement lies a deeper truth: Africa is not lacking in achievements , it is underserved by storytelling. Too often, the continent is misreported, or underreported, or worst, told through the eyes of those who never smelled the red earth or heard the morning prayers from a Nairobi slum or a Cape Flats mosque. The narrative is not just about changing perceptions. It is about reclaiming ownership. As the old isiZulu proverb goes, 'Until the lion learns to write, every story will glorify the hunter.' The Road Ahead Africa's journey, to paraphrase Achebe, is not a sprint , it is a long walk across dry rivers, with dreams tucked into every blister. And yet, the vision that leaders like Adesina, and perhaps Tshabalala, are planting is one that does not merely dream. It builds. So, when we speak of legacy, let us not mistake it for nostalgia. Let it be active , a verb, not a noun. A call to pick up the tools and shape a continent worthy of its children. The African Development Bank, as it sets sail into its next decade, must remain both shield and spear. It must deflect the cynicism of old powers and pierce through the bureaucratic fog that often slows our stride. For if a woman in a Kenyan village can remember the gift of light, surely the world can remember to look again, not at Africa's problems, but at its progress. With pride. * Ayanda Holo is the President of TV BRICS AFRICA and a writer whose work on development, diplomacy, and dignity has been featured across global media. He was reporting from Abidjan during the 2025 AfDB Annual Meetings ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Mauritanian Africa's new ‘super banker'
Agencies Mauritania's former economy minister Sidi Ould Tah was on Thursday elected to succeed Nigeria's Akinwumi Adesina as president of the African Development Bank (AfDB) and tackle the withdrawal of US financing from the institution. In 2015 Adesina took six rounds of voting to become Africa's 'super banker' but Tah, 60, secured the prestigious post in only three, winning 76.18 percent of votes. Zambian economist Samuel Munzele Maimbo trailed well behind in second on 20.26 percent, with Senegal's Amadou Hott third on 3.55 percent. The winner had to secure both a majority of votes from all 81 member countries and a majority of votes from the 54 African nations who are part of the AfDB. Tah, who headed the Arab Bank for Economic Development in Africa (BADEA) for 10 years, secured 72.37 percent of African votes. 'I wish to congratulate Dr Sidi Ould Tah on his successful election as the President-elect of the African Development Bank Group,' Maimbo said in a statement. '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.' With several north African states members of the AfDB, Tah's experience at the BADEA could be a bridge with sub-Saharan Africa. In his pitch for the AfDB leadership, he vowed to strengthen regional financial institutions, assert Africa's financial independence on global markets, use population growth as a development lever and build climate change-resistant infrastructure. The AfDB, founded in 1964, is one of the world's largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans. But Tah will immediately face a disrupted international economic environment, notably due to announcements from the US Trump administration. Beyond tariffs, the AfDB is also facing the threat of losing $500 million in US funding for its projects to support low-income countries on the continent. All five candidates in the running for the top job promised to make the AfDB even more effective to transform Africa, continuing Adesina's five priorities to light up, feed, industrialize, integrate and improve 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,' he added. Adesina said 565 million people had benefited from AfDB projects during his decade in charge. Major projects include support for the construction of the Gabal El Asfar wastewater treatment plant in Egypt — the largest in Africa. The bank also helped finance a bridge connecting Senegal and the Gambia, expanded the port of Lome in Togo and supported sanitation projects in Lesotho and access to electricity in Kenya, he said. From 2015 to this year, the bank's capital more than tripled from $93 billion to $318 billion, he added.
Morocco World
2 days ago
- Business
- Morocco World
Mauritanian Sidi Ould Tah Elected President of African Development Bank
Doha – The Mauritanian economist Sidi Ould Tah has been elected president of the African Development Bank (AfDB) with 76.18% of the votes. The election took place on Thursday, during the institution's annual meetings in Abidjan. Ould Tah prevailed after three rounds of voting, defeating Zambian Samuel Munzele Maimbo who received 20.26% of votes and Senegalese Amadou Hott with 3.55%. The two other candidates, Chadian Mahamat Abbas Tolli and South African Swazi Tshabalala, were eliminated in earlier rounds. 'I would like to thank Africa for this trust. I thank you for this confidence, and I understand the responsibility and duty that comes with it,' declared Ould Tah following his election. He concluded his brief speech in English saying: 'Now, it's time to go to work. I'm ready.' The newly elected president brings substantial experience to the position. For the past decade, he has served as head of the Arab Bank for Economic Development in Africa (BADEA), where he significantly transformed the institution. Under his leadership, BADEA's annual commitments increased from $200 million to $2.2 billion in 2023. Prior to BADEA, Ould Tah assumed the post of Mauritania's Minister of Economic Affairs and Development from 2008 to 2015. He holds a doctorate in economics from the University of Nice Sophia Antipolis and a postgraduate degree from the University of Paris VII. His campaign focused on four priorities: climate resilience, economic diversification, inclusion of youth and women, and mobilizing innovative financing. He also advocates for reforming Africa's financial architecture and better integration of the informal sector through fintech and blockchain. Read also: AfDB Accelerates Morocco's World Cup 2030 Vision with $685 Million Investment 'His various experiences have allowed him to develop expertise that will be invaluable,' said Nialé Kaba, Ivorian Minister of Economy and Planning and chair of the AfDB Board of Governors. 'He represents great hope for Africa. Given the complex international context, we need more than ever to mobilize financing. We are convinced he will succeed.' Ould Tah will officially take office on September 1, succeeding Nigerian Akinwumi Adesina, who led the institution for ten years. Despite mixed reviews of Adesina's tenure, he leaves the AfDB in excellent financial health, with a net profit of €310 million last year. Founded in 1964, the bank, which has 81 member countries, including 54 African nations, is one of the major multilateral development banks globally. Under Adesina's presidency, the AfDB's capital tripled from $93 billion to $318 billion. Ould Tah inherits a ten-year strategy (2024-2033) focused on Adesina's 'High 5' priorities: feed, light up, integrate and industrialize Africa, while improving Africans' quality of life. However, he may reorient this strategy according to his own priorities, which he has called 'The Four Cardinal Points.' The new president faces immediate challenges, including a changing international economic environment. The United States has announced plans to eliminate its half-billion-dollar contribution to the bank's fund for low-income countries on the continent. Morocco has maintained a strong partnership with the AfDB since 1978. The bank has committed a cumulative $15 billion to the country, supporting over 150 projects in sectors ranging from human development to energy, transportation, agriculture, industry, and finance. Notable projects include the Noor Ouarzazate solar complex and the strategic Nador West Med port. The AfDB has also supported infrastructure development in preparation for Morocco's co-hosting of the 2030 World Cup and invested over €1.5 billion in water management projects to address persistent drought. Tags: AFDBAfrican Development Bank
The Citizen
2 days ago
- Business
- The Citizen
Africa elects its next ‘super banker'
After two rounds, Sidi Ould Tah leads with over 48% of total votes and 68% African support, inching closer to the AfDB's top post. Delegates attend the African Development Bank group annual meeting opening ceremony in Abidjan on May 27, 2025. (Photo by Issouf SANOGO / AFP) The race to become Africa's next 'super banker' ends on Thursday, with four candidates, including one woman, still in contention to succeed Nigeria's Akinwumi Adesina as head of the African Development Bank. In 2015 it took six rounds of voting to elect Adesina as president of the AfDB, which was founded in 1964 and now has 81 members, including 54 African nations. Five candidates started on Thursday, with Zambian economist Samuel Munzele Maimbo in the lead after the first round with 40.41 percent of votes, ahead of Mauritania's former economy minister Sidi Ould Tah on 33.21 percent. Senegal's Amadou Hott was third with 17.62 percent, followed by South African former AfDB vice president Bajabulile Swazi Tshabalala on 8.24 percent. The Chadian former governor of the Bank of Central African States, Abbas Mahamat Tolli, dropped out of the contest after getting 0.52 percent of votes. ALSO READ: Running a R5-a-month bank account is probably not profitable for big banks … The election is looking like a two-horse race between the top two contenders, who must secure both a majority of votes from all member countries and a majority of votes from African nations. Maimbo obtained 26.57 percent of African votes in the first round while Tah secured 47.03 percent. The weight of each shareholder state is determined by the extent of its capital contribution to the bank. As such, the five largest African contributors — Nigeria, Egypt, Algeria, South Africa and Morocco — will be especially courted, with the United States and Japan the largest non-regional contributors. As such, alliance-building is seen as key to secure the prestigious post. ALSO READ: Digital bank Tyme Group gets unicorn status Five priorities Based in Ivory Coast's economic capital Abidjan, the AfDB is one of the world's largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans. But Adesina's successor will immediately face a disrupted international economic environment, notably due to announcements from the US Trump administration. Beyond tariffs, the AfDB is also facing the threat of losing 500 million dollars in US funding for its projects to support low income countries on the continent. All candidates are promising to make the AfDB even more effective to transform Africa, continuing Adesina's five priorities to light up, feed, industrialise, integrate and improve 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. ALSO READ: Bank data shows people run out of money long before month end '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,' he added. Adesina said 565 million people had benefited from AfDB projects during his decade in charge. Major projects include support for the construction of the Gabal El Asfar wastewater treatment plant in Egypt — the largest in Africa. The bank also helped finance a bridge connecting Senegal and the Gambia, expanded the port of Lome in Togo and supported sanitation projects in Lesotho and access to electricity in Kenya, he said. From 2015 to this year, the bank's capital more than tripled from $93 billion to $318 billion, he added. NOW READ: The dangers of government interference in banking – By: © Agence France-Presse
