Latest news with #Tah
Kuwait Times
a day 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
The Herald
3 days ago
- Business
- The Herald
SA's Tshabalala loses AfDB presidency to Mauritanian
His win means the presidency of the bank will again stay between West and North Africa. Southern Africa had fielded two candidates, Tshabalala and Zambian economist Samuel Maimbo. This caused a rift within the regional body Sadc, which publicly endorsed the Zambian, but SA refused to back down. Tah previously served as director-general for the Arab Bank for Economic Development in Africa. He also served as an expert at the Mauritanian Bank for Development and Commerce between 1984 and 1986, then as a financial analyst at the Food Security Commission in 1986. He also worked as a financial analyst at the Khartoum-based Arab Authority for Agriculture, Investment and Development between 1996 and 1999. Thereafter, he served as investment promotion officer and then technical assistant to the president of the Islamic Development Bank. He was the adviser to Mauritania's president and prime minister, respectively, in 2006 and 2008. In 2008, he was nominated and appointed as Mauritanian minister of economy and finance. Tshabalala joined AfDB in 2018 after she was appointed as vice president of finance and CFO. She previously served as a finance manager at Standard Bank Group and as group treasurer at Transnet. Finance minister Enoch Godongwana previously commended Tshabalala for her contribution and commitment to achieving the AfDB's vital goal of increasing investment in the continent. TimesLIVE
The Star
3 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.
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.
Qatar Tribune
3 days ago
- Business
- Qatar Tribune
Germany defender Tah signs four-year deal with Bayern
dpa Munich Germany defender Jonathan Tah is moving to Bayern Munich, the Bundesliga champions said in a statement on Thursday. The 29-year-old's contract is up at Bayer Leverkusen on June 30 and he will be joining the league rivals on a four-year contract. Bayern did not specify when Tah would officially begin training or whether he would be eligible to participate in the upcoming Club World Cup. His Leverkusen deal officially covers the first two weeks of the tournament in the United States. Should he play in the tournament, Bayern would need to negotiate a transfer fee with Leverkusen. The move comes after a one-year delay. Bayern were interested in signing Tah last season, but Leverkusen's request of up to 30 million euros to release the defender was considered high by the Bavarian bosses. 'It's no secret that we've had Jonathan Tah on our radar for a long time. We appreciate his quality: he's a character who takes on responsibility. Jonathan had a lot of offers but chose FC Bayern, which pleases us very much,' board member for sport Max Eberl said. Bayern CEO Jan-Christian Dreesen added: 'We're delighted to welcome Jonathan Tah to FC Bayern. As an experienced international and leader, he brings the consistency and quality that will strengthen our defence. 'He's a real gain for us - and he's also proven that he can win titles.'
