Latest news with #BADEA
Kuwait Times
2 days 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
Qatar Tribune
3 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.
Zawya
3 days ago
- Business
- Zawya
Sidi Ould Tah elected ninth president of the African Development Bank Group
Sidi Ould Tah of Mauritania was today elected President of the African Development Bank Group ( at the Bank's Annual Meetings held in Abidjan, Côte d'Ivoire. Tah was elected by the Bank's Board of Governors, comprising Finance and Economy Ministers or Central Bank Governors of the Bank Group's 81 regional and non-regional member countries. The board is the highest decision-making authority for the Bank Group. The results were announced by Nialé Kaba, Minister of Planning and Development for Côte d'Ivoire, and Chairman of the Board of Governors of the Bank Group. Addressing the Bank Group's governors ( and the media shortly after the announcement, Tah said, 'Let's go to work now, I'm ready!' The winning candidate is required to obtain at least 50.01% of both the regional and non-regional votes ( Tah brings over 35 years of experience in African and international finance. He served as president of the Arab Bank for Economic Development in Africa (BADEA) for 10 years from 2015, where he led a full transformation that quadrupled the Bank's balance sheet, secured a AAA rating, and positioned it among the top-rated development banks focused on Africa. A former Minister of Economic Affairs and Finance of Mauritania, Tah has held senior roles in multilateral institutions and has led crisis response, financial reform, and innovative resource mobilization for Africa. The Board of Governors Steering Committee received and approved a total of five candidates by the closing date of 31 January 2025. The list of candidates was officially announced on 21 February 2025. The other candidates in the election were: Amadou Hott (Senegal) Samuel Maimbo (Zambia) Mahamat Abbas Tolli (Chad) Bajabulile Swazi Tshabalala (South Africa) Tah will assume office on 1 September 2025, for a five-year term, following the end of the second mandate of current President, Dr. Akinwumi Adesina. The African Development Bank's past heads since its inception in 1964 are: Mamoun Beheiry (Sudan), 1964-1970 Abdelwahab Labidi (Tunisia), 1970-1976 Kwame Donkor Fordwor (Ghana), 1976-1980 Willa Mung'Omba (Zambia), 1980-1985 Babacar N'diaye (Senegal), 1985-1995 Omar Kabbaj (Morocco), 1995-2005 Donald Kaberuka (Rwanda), 2005-2015 Dr. Akinwumi Adesina (Nigeria), 2015-2025. The election ( of a new president comes at a crucial time in the Bank Group's six decades of existence. Africa has remained resilient despite climate shocks, economic disruption, and a shifting geopolitical landscape, but needs to move faster or risk falling behind on delivering on the African Union's Agenda 2063 and the Sustainable Development Goals, summed up in the Bank Group's High 5's. The 2025 Annual Meetings of the African Development Bank Group are taking place from May 26 to 30 in Abidjan, Côte d'Ivoire under the theme 'Making Africa's Capital Work Better for Africa's Development.' The African Development Bank Group comprises three entities: the African Development Bank, the African Development Fund and the Nigeria Trust Fund. Its shareholder countries include 54 African countries or regional member countries, and 27 non-African countries or non-regional member countries. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Int'l Business Times
4 days ago
- Business
- Int'l Business Times
Sidi Ould Tah: Africa's New 'Super Banker'
Sidi Ould Tah is the first Mauritanian to become president of the African Development Bank (AfDB) and will need all his international experience to tackle the challenges facing the institution. The 60-year-old economist was the last to declare his candidacy for the post and ran a whirlwind campaign during which he highlighted his 10 years as head of the Arab Bank for Economic Development in Africa (BADEA). He claimed to have transformed it from an institution "unknown to rating agencies" to one of the highest-rated development organisations in Africa. "I have demonstrated my transformative leadership style that has elevated the bank to the level of a leading player in the African development landscape," he said in his application statement to the AfDB. A discreet man who speaks sparingly, his style will be a clear contrast with his flamboyant predecessor, Nigeria's Akinwumi Adesina. Tah's programme is based on four main points: strengthening regional financial institutions; asserting Africa's financial independence in global markets; leveraging demographic dynamics as a development tool; and building resilient infrastructure to climate change. His entourage is touting his ability to replicate his successes at the BADEA at a larger institution like the AfDB, which has $318 billion in capital. "The AfDB has to abandon traditional bureaucratic models for a more fluid approach based on results," he said. Tah, who was Mauritania's economy minister from 2008 to 2015, is calling for a "break with the approaches of the past", in a world where the "challenges and opportunities of Africa have taken a new dimension". The new AfDB president speaks French, English, Arabic and Wolof, which is spoken in several west African countries. He managed the impressive feat of rallying diplomatically diverse supporters behind his candidacy, from Sahel countries such as Mali to France. His score of more than 72 percent among African voters gives him continental legitimacy. His entourage claimed before the vote he had support from the very first round from all African regions. US President Donald Trump's administration has vowed to suspend $500 million in aid to the AfDB, but Tah has argued other financial backers such as Gulf countries could step in. On environmental questions, he intends to promote Africa's natural resources to move towards a "viable energy transition, reconciling economic and environmental imperatives". "Even though Africa is a minimal contributor to global CO2 emissions, it bears the full brunt of the effects of climate change," he said. "It is therefore imperative to integrate sustainable practices and to harness renewable energy in development projects." Tah holds a master's degree in economics from the University of Nouakchott in his native Mauritania and a doctorate from the University of Nice in France.
Morocco World
4 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
