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Cabinet officials

African Development Bank Elects New President Amid Funding Cuts

Strategic Insights

— 1 min read

The African Development Bank (AfDB) has elected Sidi Ould Tah, a Mauritanian economist, as its new president. Tah, 60, was chosen by the bank's board of governors to succeed Nigeria's Akinwumi Adesina, who is stepping down after two terms. The election took three rounds of voting, with Tah securing 76.18% of the vote. Tah has previously worked as the managing director of the Arab Bank for Economic Development in Africa and has held senior government roles in Mauritania.

Key Takeaways:

  • Sidi Ould Tah, a Mauritanian economist, has been elected as the new president of the African Development Bank.
  • Tah secured 76.18% of the vote in the three-round election, beating four other candidates, including Zambia's Samuel Maimbo and former Senegalese economy minister Amadou Hott.
  • Tah will take over as president on September 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina.
  • The election took place during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds have dominated discussions.
  • Tah has previously worked as managing director of the Arab Bank for Economic Development in Africa and has held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development.
  • Bismark Rewane, an economist, has called for "African resilience" at a time when global development finance is tightening.

Statistics:

  • 76.18%: The percentage of the vote secured by Sidi Ould Tah in the three-round election.
  • 20.26%: The percentage of the vote secured by Zambia's Samuel Maimbo.
  • 3.55%: The percentage of the vote secured by former Senegalese economy minister Amadou Hott.
  • 81: The number of regional and non-regional member countries that make up the African Development Bank's board of governors.
  • 2: The number of terms served by Nigeria's Akinwumi Adesina as president of the African Development Bank.
  • 5: The length of Sidi Ould Tah's term as president of the African Development Bank.

Sources:

  • The African Development Bank
  • The Associated Press
  • Financial Derivatives Co.
  • The World Bank

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