Latest news with #Chadian
The Star
2 days ago
- Business
- The Star
Mauritanian Sidi Ould Tah elected president of African Development Bank
ABIDJAN, May 29 (Xinhua) -- Mauritanian Sidi Ould Tah was elected Thursday as president of the African Development Bank (AfDB) during the 60th annual meetings of the African banking institution currently taking place at its headquarters in Abidjan, economic capital of Cote d'Ivoire. According to a statement from the AfDB, Tah won after three rounds of voting with 76.18 percent of the votes, defeating Zambian Samuel Maimbo (20.26 percent) and Senegalese Amadou Hott (3.55 percent). Two other candidates, Chadian Abbas Mahamat Tolli and South African Bajabulile Swazi Tshabalala, were also in the race. Tah was elected by the bank's Board of Governors, which is composed of finance and economy ministers or central bank governors from the 81 member countries of the bank group, both regional and non-regional. The Board of Governors is the highest decision-making body of the AfDB. The elected candidate needed to secure at least 50.01 percent of the votes both regionally and non-regionally. Tah has over 35 years of experience in African and international finance. A former minister of economy and finance of Mauritania, he has held senior positions in multilateral institutions and led operations related to crisis response, financial reform, and innovative resource mobilization for Africa. He also served as president of the Arab Bank for Economic Development in Africa (BADEA) for ten years starting in 2015. "Let's get to work now, I am ready," said the elected president, addressing the bank group's governors and the media shortly after voting results were announced. Tah will assume office on Sept. 1 for a five-year term, succeeding the current president, Akinwumi Adesina. The 2025 annual meetings of the bank group, held under the theme "Making Africa's Capital Work Better for Africa's Development," began on Monday and will end on Friday. Shareholder countries of the AfDB comprise 54 African countries that are called regional member countries, and 27 non-African countries known as non-regional member countries.
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
Eyewitness News
3 days ago
- Business
- Eyewitness News
Africa elects its next 'super banker'
ABIDJAN , Ivory Coast - The race to become Africa's next "super banker" ends on Thursday, with five candidates, including one woman, vying to succeed Nigeria's Akinwumi Adesina as head of the African Development Bank in a contest that appears too close to call. 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. 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. Two of the five candidates are from west Africa -- former finance ministers Amadou Hott of Senegal and Sidi Ould Tah of Mauritania. Two others hail from southern Africa -- Zambian economist Samuel Munzele Maimbo and South African Bajabulile Swazi Tshabalala, who was previously a vice president at the institution. Chadian Abbas Mahamat Tolli, the former governor of the Bank of Central African States, will represent central Africa, which has never held the AfDB presidency. - Five priorities - All five promise 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. "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." 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. - Election rules - To win Thursday's election, candidates must secure a majority of votes from all member countries and a majority of votes from African nations. But 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. The United States and Japan are the largest non-regional contributors. If there is no winner in the first round, the candidate with the fewest votes is eliminated, a situation that repeats until a candidate achieves the required majority. Alliance-building will therefore be crucial on Thursday, in the corridors of the Hotel Ivoire in Abidjan.
Time of India
3 days ago
- Business
- Time of India
Africa elects its next 'super banker'
Head of the African Development Bank (AfDB) Akinwumi Adesina (Image credit: AfDB official website) The race to become Africa's next "super banker" ends on Thursday, with five candidates, including one woman, vying to succeed Nigeria's Akinwumi Adesina as head of the African Development Bank (AfDB) in a contest that appears too close to call. 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. 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. Two of the five candidates are from west Africa -- former finance ministers Amadou Hott of Senegal and Sidi Ould Tah of Mauritania. Two others hail from southern Africa -- Zambian economist Samuel Munzele Maimbo and South African Bajabulile Swazi Tshabalala, who was previously a vice president at the institution. Chadian Abbas Mahamat Tolli, the former governor of the Bank of Central African States, will represent central Africa, which has never held the AfDB presidency. Five priorities: All five promise 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. "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." 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. Election rules: To win Thursday's election, candidates must secure a majority of votes from all member countries and a majority of votes from African nations. But 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. The United States and Japan are the largest non-regional contributors. If there is no winner in the first round, the candidate with the fewest votes is eliminated, a situation that repeats until a candidate achieves the required majority. Alliance-building will therefore be crucial on Thursday, in the corridors of the Hotel Ivoire in Abidjan.
