Sidi Ould Tah, former Mauritanian Finance Minister, has been elected president of the African Development Bank (AfDB), the lender announced on Thursday, following a poll during the bank’s annual meeting in Ivory Coast.
Tah will succeed Akinwumi Adesina, a Nigerian economist who will step down in September after completing his maximum two five-year terms.
The AfDB, with $318 billion in capital, is owned by 54 African states and non-regional nations, including the US, Japan, and Saudi Arabia, with Nigeria being its biggest shareholder.
Tah’s new role comes as the bank faces challenges, including Washington’s plans to cut $555 million in funding to the African Development Fund, which provides low-priced financing to over 30 of the continent’s poorest nations.
He will need to navigate these funding constraints while addressing Africa’s significant financing needs, estimated at over $400 billion annually, and helping heavily indebted African economies avoid debt distress.
