Latest news with #OuldTah
See - Sada Elbalad
2 days 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
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
