The African Development Bank (AfDB) is set to elect a new president this week during its annual meeting in Abidjan, Ivory Coast, as the institution confronts major challenges, including a proposed $555 million funding cut from the United States.
The U.S. government plans to slash its contributions to both the AfDB and its concessional arm, the African Development Fund (ADF), which supports the continent’s poorest countries with low-interest financing.
“This is going to be a major task and effectively the new president’s first test,” said Hannah Ryder, head of Africa-focused consultancy Development Reimagined. The president will be expected to address the shortfall by lobbying for a U.S. policy reversal, securing more funds from other non-regional stakeholders such as China or Gulf states, or urging African nations to increase their own contributions.
Five candidates from South Africa, Senegal, Zambia, Chad, and Mauritania are in the race to succeed outgoing President Akinwumi Adesina, who steps down in September after completing two five-year terms. The winner must secure a majority of 50.01% from African member states, followed by a second round of voting involving all 81 members, including non-African countries.
The AfDB is owned by 54 African countries along with non-African shareholders including the U.S., Japan, and others in the G7, with Nigeria holding the largest stake.
This year’s summit comes amid a shifting global economic landscape and renewed concerns over U.S. trade and aid policies following President Donald Trump’s return to office. Analysts say the Trump administration’s protectionist stance could further impact development funding across Africa.
Fred Muhumuza, an economist and lecturer at Makerere University in Uganda, noted: “Many key contributors have been cutting bilateral support to African countries. The meeting will likely focus on how to navigate these emerging realities.”
The next ADF replenishment round is scheduled for November, making the leadership decision this week even more critical for the future of development financing on the continent.
