Latest news with #AfDB
See - Sada Elbalad
3 hours ago
- Business
- See - Sada Elbalad
Egypt Welcomes Election of Sidi Ould Tah as African Development Bank President
H-Tayea Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation of Egypt, extended her warm congratulations to H.E. Dr. Sidi Ould Tah on his election as the new President of the African Development Bank (AfDB) Group. The election took place during the Bank's Annual Meetings in Abidjan, Côte d'Ivoire, marking the beginning of Dr. Ould Tah's five-year term at the helm of Africa's premier development finance institution. The Minister welcomed the appointment, describing it as timely and significant for the continent. 'We wish the AfDB President success in supporting Africa's development journey, which is undergoing a crucial phase,' she stated. Dr. Ould Tah, a seasoned Mauritanian economist with over 35 years of experience in African and international finance, was elected by the Bank's Board of Governors — comprising Ministers of Finance and Central Bank Governors from the AfDB's 81 regional and non-regional member countries. H.E. Dr. Al-Mashat emphasized that Dr. Ould Tah assumes leadership of the Bank at a time of mounting challenges for Africa, including the ongoing impacts of climate change, global economic volatility, and the growing pressures on multilateralism amid protectionist global trade trends. She expressed full confidence in his ability to steer the Bank forward and contribute to the realization of the African Union's Agenda 2063 and the United Nations Sustainable Development Goals (SDGs). Highlighting his decade-long leadership of the Arab Bank for Economic Development in Africa (BADEA), Dr. Al-Mashat noted the significant achievements under Dr. Ould Tah's tenure. These included quadrupling BADEA's balance sheet, achieving top-tier credit ratings — including an Aa1 rating from Moody's and AAA from Japan's JCR — and advancing strategic development initiatives in food security, energy transition, and infrastructure. The Minister also voiced Egypt's commitment to deepening its partnership with the African Development Bank Group in the coming period. 'We look forward to strengthening cooperation with the AfDB to support our national development priorities and to empower the private sector, especially as we focus on resilience and sustainable growth,' she said. In her remarks, Dr. Al-Mashat extended appreciation to outgoing President Dr. Akinwumi Adesina for his decade of service (2015–2025), during which the AfDB significantly expanded its footprint across Africa, including deepening collaboration with Egypt on infrastructure, energy, and policy support. The African Development Bank Group consists of three entities: the African Development Bank (AfDB), the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). The Group comprises 81 member countries, including 54 African regional and 27 non-regional member states. With this new chapter under Dr. Ould Tah's leadership, Egypt reaffirms its commitment to supporting Africa's development vision and enhancing its active role in international financial cooperation frameworks. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Scoop
7 hours ago
- Business
- Scoop
New African Development Bank President Has A Chance To Shift The Continent To Clean Energy, For And By Communities
29 May 2025, Abidjan, Côte d'Ivoire. The African continent is on the frontlines of the climate crisis, but the election of Sidi Ould Tah as the new president for the African Development Bank is an opportunity to pave a new path for the continent's energy future - to shift toward a just and transformative approach to energy access, one that harnesses Africa's vast renewable resources and affirms the rights, dignity, and agency of its people. As the debt crisis reaches new heights for the continent, scaling up grant-based, concessional funding is vital to ensure countries are financially able to pursue a clean energy transition that is just, equitable, people-centred, and democratically governed. Now is the time for transformative public finance models which serve the people of Africa, not fossil fuel interests. As UN Secretary-General António Guterres stated, investment in Africa's renewable energy is 'the economic opportunity of the century.' With 60% of the world's best solar resources and wind potential capable of powering the continent 250 times over, Africa is uniquely positioned to lead. It's time for President Sidi Ould Tah to close the gap for the 600 million people who remain without electricity and over 970 million that lack access to clean cooking. Accelerating the adoption of decentralised, community-based renewable energy is not just a technical fix, it is a transformative, justice-driven solution which makes the most economic sense. It can empower local ownership, enhance resilience, create jobs, develop local economies, and reduce dependence on expensive, unreliable, and centralised energy infrastructure. Civil society demands for the President Sidi Ould Tah are: A comprehensive ban on fossil fuel financing by the AfDB, including gas, and rejection of false solutions such as destructive hydropower, carbon capture, usage and storage, and hydrogen for export. A roadmap to 100% renewable energy systems that prioritises decentralised solutions and enables Africa to become a leader in green industrialisation and energy sovereignty. A just transition approach that avoids creating new debt traps and includes local communities in all decision-making through Free, Prior and Informed Consent (FPIC). Karabo Mokgonyana, Just Transition Campaigner from Power Shift Africa, 'The election of Dr. Sidi Ould Tah as President of the African Development Bank marks a critical moment for Africa's energy future. With over 600 million people still living without electricity, just 2% of global clean energy investment reaching the continent, and vast untapped solar and wind potential, the urgency for action could not be clearer. We call on the new President to make renewable energy the cornerstone of his leadership, to drive a just, equitable, and homegrown energy transition that rejects harmful fossil fuels and embraces Africa's immense clean energy promise. These AfDB Annual Meetings have shown us that progress is possible. Now, with bold leadership and renewed clarity, we must turn possibility into power - for every home, every enterprise, and every generation to come.' Fiza Naz Qureshi, Gas Campaigner from Big Shift Global Campaign, said, "With the election of the new President, Sidi Ould Tah, civil society calls for bold leadership that breaks from fossil fuel dependency. Continued support for gas — including through Mission 300 and clean cooking initiatives — risks locking communities, especially women, into harmful energy systems. Women and frontline communities suffer most from extractive projects and weak safeguards. Under new leadership, the AfDB must champion a just energy transition rooted in truly clean, renewable solutions that uplift women, protect people and ecosystems, and fulfill Africa's climate commitments. Africa's future lies in leapfrogging fossil fuels - not repeating their mistakes.' Gloria Kafui Kuzo, Lead on Energy Transition, from Strategic Youth Network for Development (SYND) Ghana said, "Africa's innovation landscape holds immense potential to drive sustainable transformation, and AfDB has a pivotal role in shaping it. We urge that innovation across the continent be driven by solutions that harness Africa's green, resilient human and natural capital. This must be pursued through an inclusive approach that ensures women, youth, and local communities are not merely passive beneficiaries, but empowered as active participants and leaders in the innovation ecosystem. By aligning sustainability with equity and inclusion, AfDB can help catalyze transformative growth that is not only impactful but enduring for all Africans". Mamadou Barry, Executive Director, from Action Solidaire International said, 'While we welcome the ambition of Mission 300 by the AfDB and the World Bank, we firmly call for it to fully exclude fossil fuels like gas. To truly deliver for communities, strong safeguards must be established to prevent the private sector from capturing the benefits at the expense of those most affected — especially women and frontline communities.' Anja Gebel, Policy Advisor for Development Banks and Climate at Germanwatch said: 'In difficult geopolitical times, when climate action is facing headwinds, the new President must keep the African Development Bank on course for climate action. It is important that he honours and continues to implement the bank's Paris alignment commitment. Shareholders should actively support him in this mission and make clear that a just and climate-compatible energy transition is an integral part of Africa's development.' Rajneesh Bhuee, Campaign Manager from Recourse said, 'Congratulations to Mr. Sidi Ould Tah on becoming the new President of the African Development Bank. With millions of Africans still living without electricity, we hope he'll use this moment to double down on public funding for renewable energy that actually reaches people and communities. Mission 300 can be a game-changer, but only if it leaves fossil fuels behind and puts real access first. Civil society is here, as a partner, to help make that happen and hold the Bank to its promises.'
Zawya
20 hours ago
- Business
- 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:
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.
Zawya
a day ago
- Business
- Zawya
The race for AfDB president: How the bank elects its leader?
The African Development Bank (AfDB) will on Thursday vote in its new president for a five-year term. The winner will succeed Nigeria's Akinwumi Adesina, whose two five-year terms end in September. Here is what you need to know:Who are the candidates?Five experts are set to compete for the presidency of the AfDB, promising a tough contest. The candidates are Amadou Hott, former Senegalese Planning Minister; Samuel Munzele Maimbo, Zambian economist; Sidi Ould Tah, Mauritanian development banker; Abbas Mahamat Tolli, Chad's central banker; and Bajabulile Swazi Tshabalala, a South African corporate captain who previously served as Vice-President of the AfDB. In February, the Steering Committee of the Board of Governors on the Election of the President of the AfDB selected these five candidates from those who had submitted their candidacy. What has the race been like so far?The five candidates have offered an interesting rivalry. The Zambian and South African candidates have faced an especially awkward contest because both countries belong to the Southern Africa Development Community (SADC), a bloc which had previously endorsed the Zambian economist. In fact, Mr Maimbo has marketed himself as endorsed by both the SADC and the Common Market for Eastern and Southern Africa (Comesa), a trading bloc bringing together countries from eastern and southern Africa. South Africa would later endorse Ms Tshabalala to enter the race. If she wins, she will be the first woman to head the bank in its 60-year history. Meanwhile, the Mauritanian and Chadian candidates have mounted lacklustre campaigns, but have persisted, choosing to speak mostly at events where potential voters gather. Who are the past presidents?Although the AfDB's membership includes foreign nations such as the United States, the United Kingdom, Japan and South Korea, bringing the total number of members to 87, it exclusively lends to African countries. And only nationals of African countries can become president. The bank's 60-year history has seen nine presidents, including Dr Adesina. Others include:Donald Kaberuka (Rwanda) 2005 to 2015Omar Kabbaj (Morocco) 1995 to 2005Babacar Ndiaye (Senegal) 1985 to 1995Wila D. Mung'omba (Zambia) 1980 to 1985Goodall Gondwe (Malawi) 1979 to 1980Kwame Donkor Fordwor (Ghana) 1976 to 1979Abdelwahab Labidi (Tunisia) 1970 to 1976Mamoun Beheiry: The first president of the AfDB from Sudan, served from 1967 to 1970. What are the geopolitical considerations at the bank?Although only Africans can become president, the race for the bank's top leadership position can elicit a geopolitical contest. In the past, the US tried to prevent Dr Adesina from serving a second term, accusing him of misgovernance. However, the African continent rallied behind him. The current election could see a different kind of contest emerge, such as rivalry between Zambia and South Africa, or debate on whether the presidency should return to West Africa. How can one win the presidency?Representatives of member states — usually central bank governors or finance ministers — cast their votes. Unlike the African Union Commission, where a two-thirds majority is required, the AfDB election is won by obtaining more than half of the votes from African member countries and more than half of the votes from non-African member countries. Article 9 of the Rules of Procedure Governing the Election of the President states that a candidate is elected if he or she obtains 'at least 50.01 percent of the total votes of the regional (African) member countries and at least of 50.01 percent of the votes of all member countries, (both regional and non-regional) of the bank". This principle is known as the 'double majority vote'. What voting powers do members have?Not all members have the same voting power. According to the rules, the voting power of each member country, to be used in computing votes, is determined by the Board of Directors 'as at close of business on the last working day in the month immediately preceding the month during which the election of the president shall be held.'This computation is based on the shareholding. This means that only members who had paid up their capital subscriptions by end of April are taken into account in determining the voting powers. How do members vote?At the AfDB, the elections are conducted using an electronic voting system or physical paper ballots, in accordance with the Election Rules. This makes countries' voting patterns known to the public. This is in contrast to the African Union, where ballots are secret. If, after five rounds of balloting, no candidate has obtained the requisite double majority, the Board of Governors can deliberate and decide whether or not to proceed with voting for the president. If this happens, the election is postponed for up to a year, and the outgoing president or vice-president of the Bank from an African country is nominated. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
