Latest news with #AnnualMeetings
Scoop
2 days 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
3 days ago
- Business
- Zawya
'A Mission, Not a Job!' - African Development Bank President reflects on a decade of leadership
Speaking Monday at a breakfast meeting with journalists, the President of the African Development Bank Group ( Dr. Akinwumi Adesina, described his ten-year presidency as a consuming yet profoundly fulfilling mission. The press briefing is the first official event of the Bank's 2025 Annual Meetings, taking place in Abidjan, Cote d'Ivoire from 26 to 30 May 2025 – during which a new president of the Bank will be elected. 'This is not a job. If anyone is looking for a job, please don't take it. This is not a job. This is a mission,' he said. 'As my wife Grace and staff would tell you, for ten years I have had no life. Completely zero. I worked every single day. Every single step.' Adesina expressed gratitude for the opportunity to lead the institution. 'Serving as President of the African Development Bank Group has been the greatest honor of my life,' he said. 'It has been a decade of relentless purpose, of enduring passion, and of tireless service.' The event was attended by journalists covering the Annual Meetings, which are expected to draw a record 6,000 delegates from 91 countries, including policymakers, private sector leaders, academics, civil society, development partners, and media. '[This] is one of my favorite moments of every Annual Meeting. It gives me the opportunity to speak frankly, reflect deeply, and thank you sincerely,' Adesina told the journalists , adding that the 2025 Meetings are 'the final chapter of a remarkable decade of transformation.' Delivering his remarks in English and French, Adesina reeled out the Bank's biggest achievements, including the largest capital increase in its history, from $93 billion in 2015 to $318 billion; the record replenishment of the African Development Fund, raising $8.9 billion; and the half a billion Africans who have benefited from the Bank's investments under his leadership. Adesina's presidency began in 2015 with the launch of the 'High 5s' development priorities: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. Ten years on, those priorities have made a profound impact. 'The High 5s have impacted on the lives of over 565 million people across Africa,' Adesina said. 'These are not just figures. They are futures. They are hopes realized.' He expressed his gratitude to the media for their support over the past decade, and for their presence at the last annual meetings under his headship. 'Your role is more important than ever,' he said. 'You are not just observers. You are amplifiers of Africa's voice. You shape the narrative. You challenge us. You inform the world.' Echoing his keynote remarks from the All-Africa Media Leaders' Summit in May 2024 in Nairobi, Kenya, Adesina called for the emergence of African media platforms that will credibly amplify positive continental narratives on a global scale. Looking ahead, Adesina expressed pride in the transformation of the Bank during his tenure, and its enhanced global stature. 'The African Development Bank you have today is not the African Development Bank you used to have. This is a global institution now.' he said. Asked what advice he would offer his successor, Adesina responded, 'The responsibility of that leader is to build on the past, to look far into the future, and to find within themselves what courage it takes to stand up for Africa's interests. To make sure that Africa's voice is never silenced on issues that matter globally and where it matters globally.' Reflecting on the forthcoming transition, and the institution he will hand over on September 1, 2025, Adesina declared, 'Leadership may change, but the mission remains. The Bank's direction is clear, its resolve strong, and its commitment to Africa's development unshakable.' Distributed by APO Group on behalf of African Development Bank Group (AfDB). Additional Images: Media Contact: Tolu Ogunlesi, Communication and External Relations, African Development Bank; 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:
Maroc
5 days ago
- Business
- Maroc
AfDB President Hails Morocco's Progress Under Leadership of HM King Mohammed VI
The president of the African Development Bank (AfDB), Akinwumi Adesina, praised on Monday Morocco's strides under the leadership of His Majesty King Mohammed VI. 'Thanks to His Majesty's enlightened vision, Morocco achieved major progress across multiple sectors', Adesina said during a press conference as part of the AfDB's annual meeting, held on 26-30 May in Abidjan. Regarding the Morocco-AfDB cooperation that he described as 'excellent', Adesina cited numerous projects financed by the African institution, notably the Tanger Med Port and the project of the Nador West Med port complex. 'The AfDB has always and will continue supporting Morocco in its endeavors', he affirmed, noting especially the Kingdom's achievements in matters of generalization of social protection. The AfDB president also commended Morocco's successful organization of the last two editions of the Africa Investment Forum. This year's Annual Meetings are held under the theme 'Making Africa's Capital Work Better for Africa's Development,' focusing on harnessing the continent's human, natural, financial, and commercial resources to fuel Africa's structural transformation. This gathering brings together over 3,000 participants, and marks the 60th annual meeting of the Board of Governors of the Bank and the 51st annual meeting of the Board of Governors of the African Development Fund. MAP: 26 mai 2025
Arabian Post
6 days ago
- Business
- Arabian Post
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.
Leaders
23-05-2025
- Business
- Leaders
THIQAH Signs Two MoUs in Algiers to Strengthen Private Sector Investment
The Islamic Development Bank (IsDB) Group Business Forum, THIQAH, has signed two memoranda of understanding (MoUs) aimed at boosting private-sector investment during the Private Sector Forum held alongside the 2025 IsDB Group Annual Meetings in Algiers. The first MoU, signed with the Algerian Chamber of Commerce and Industry (CACI), aims to promote the exchange of information on trade and investment opportunities, encourage joint participation in economic events, and support the exchange of business delegations. This agreement is designed to stimulate economic growth and deepen private-sector collaboration between Algeria and other IsDB member countries. The second MoU, signed with the Arab African Center for Investment and Development (CAAID), focuses on strengthening cooperation in investment and development. It outlines plans to co-organize regional and international conferences, facilitate business exchanges, and share expertise to enhance global economic engagement. These partnerships reflect THIQAH's ongoing commitment to advancing national and regional cooperation, attracting private-sector investment, and supporting the IsDB Group's broader goals of inclusive and sustainable development. Related Topics: THIQAH, KAUST Present Revolutionary Research Paper at ArabicNLP 2024 KAUST Accelerates Scientific Research with 67 Projects in AI, Cybersecurity, Bioinformatics IsDB Participates in Roundtable on Partnerships for Impact in Washington Saudi Arabia's nominee for IsDB Group president receives unanimous approval Short link : Post Views: 5
