Latest news with #SidiOuldTah
Arab News
03-06-2025
- Business
- Arab News
The opportunity for a reimagination of GCC-Africa economic ties
The election last week of Dr. Sidi Ould Tah as the new president of the African Development Bank is more than a leadership succession at Africa's most important financial institution. It also marks a potential moment for geopolitical realignment, one that could finally realize deeper financial cooperation between Africa and Gulf Cooperation Council countries, as well as an opportunity for GCC states to take a leadership role and reinvent development finance. Tah, the former finance minister of Mauritania and, for the past decade, president of the now Riyadh-based Arab Bank for Economic Development in Africa, steps into this role with a unique and timely experience to leverage. At the Arab Bank for Economic Development in Africa, he oversaw the transformation of the bank from a modest Arab-funded institution into a strategic regional lender. During his tenure, it quadrupled its capital base and earned an AAA rating, placing it among the top tier of global development institutions. In 2023, it pledged $50 billion in financing to Africa during the Saudi-Arab-African Economic Conference — a signal of rising Saudi and GCC interest in African development. Tah's election — making him only the fourth leader from an Arab African country to hold the post in the African Development Bank's 61-year history and the first in 20 years — comes at a time when the continent needs a catalyst for fresh financing models, including development, philanthropy and impact investment. As traditional donor countries tighten aid budgets and with major shifts underway globally with development finance, African economies are looking east and south for capital, cooperation, investment and leadership. The prospect of closer GCC-African cooperation is not novel, but it has rarely been bolstered with sustained political will and institutional follow-through. Tah's appointment changes that equation. He brings with him credibility in African policy circles and long-standing ties to Gulf financial institutions, sovereign wealth funds and Arab development agencies. African economies are looking east and south for capital, cooperation, investment and leadership. Matthew Miller Under his leadership, the African Development Bank could serve as a bridge between the GCC countries' economic diversification and Africa's need for reliable, large-scale financing for infrastructure, energy and digital transformation. Tah has already proposed a continental guarantee agency, designed to reduce both political and commercial risks that often deter private investment on the continent. Such a mechanism, if backed by Gulf capital and implemented effectively, could unlock billions in infrastructure investment across Africa. At the Arab Bank for Economic Development in Africa, Tah also helped coordinate more than $835 million in co-financed projects with the African Development Bank. That experience is a strong foundation for what he is now poised to build: a long-envisioned Arab-Africa Financial Consortium. The goal will be a formal platform for institutions from both regions to collaborate, co-finance and de-risk development projects. Under Tah's leadership, this idea, long conceptual, could finally coalesce — especially since it is precisely what he was working toward at the Arab Bank for Economic Development in Africa over the past decade. The African Development Bank, with its pan-African mandate and strong credit rating, is uniquely positioned to coordinate projects involving emerging powers, including the BRICS nations and partners in the GCC. Saudi Arabia and Kuwait are both long-standing members of the African Development Bank and the African Development Fund, the latter being a critical source of concessional finance, administered by the African Development Bank, for the continent's poorest countries. The UAE is also a donor to the African Development Fund. South-South cooperation is critical. Earlier this year, the new US administration proposed cutting $555 million from its contribution to the African Development Fund. In his new capacity, Tah will be charged with raising capital from myriad sources beyond African member states, including a fresh appeal to the US and shareholders and donors including the BRICS, Saudi Arabia and the UAE, all in exchange for greater influence. GCC countries may find renewed incentives to deepen their engagement. Beyond capital, these nations bring project management capabilities, climate adaptation technologies and a strategic interest in economic diversification that aligns with Africa's own transformation goals. This could become the moment for GCC countries to expand both their soft power and impact across the continent. Tah's development priorities have consistently emphasized access to energy, climate resilience, youth employment and gender inclusion. These are not abstract policy goals — they are preconditions for the economic transformation of the continent. This could be the moment for GCC countries to expand both their soft power and impact across the continent. Matthew Miller A case in point is youth employment: almost 70 percent of sub-Saharan Africa's population is under the age of 30. That represents both a significant challenge and an opportunity. Without strategic investments in education, skills development and job creation, this demographic wave could overwhelm already-strained labor markets. But with the right policies, Africa could harness this youth bulge to drive innovation, entrepreneurship and inclusive growth. Tah's call for better land transport corridors and logistics infrastructure to support the African Continental Free Trade Area also reflects a strategic enabler for intracontinental growth and ambitious infrastructure projects. One example is the Egypt-Saudi Arabia causeway linking Africa and Asia that would certainly contribute to the realization of greater and more sustainable growth for Africa, as well as Saudi Arabia and the GCC. Africa's development financing challenges are vast and urgent, with a widening gap, and GCC-Africa relations have historically lacked institutional depth. Moreover, while South-South partnerships offer potential to close the gap, they are largely based around geopolitical calculations rather than the opportunity to create partnerships that are win-win. From a GCC perspective, this moment of transition for the African Development Bank presents a unique opportunity for its decision-makers to take a greater global leadership role and enhance their influence not only through development finance, but also through investment and economic transformation benefiting both donors and recipients alike.
Scoop
31-05-2025
- 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.'
France 24
30-05-2025
- Politics
- France 24
Dozens dead after floods submerge market town in Nigeria
12:43 Issued on: In tonight's edition, dozens of people killed and many still missing after heavy flooding swept through Niger state in Rwanda is seeing an economic rise, but the UN is warning the east African country is leaving too many we are taking a closer look at Sidi Ould Tah now, who's been named President of the African Development Bank.
Zawya
30-05-2025
- 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:
The Star
29-05-2025
- 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.
