The African Development Bank’s new president will play a critical role in advancing the bank’s agenda into the future, with the focus on identifying who among the five shortlisted candidates can best advance the bank’s priorities while addressing pressing challenges such as climate change, poverty reduction, and sustainable growth.
The African Development Bank’s New President: Who Will Lead the Continent’s Finances?
As the top job at the African Development Bank (AfDB) becomes vacant, five candidates are vying for the position. The election is set to take place on May 29, and the outcome will significantly impact the bank’s agenda in the next five years.
The African Development Bank (AfDB) is a multilateral development institution that aims to promote economic growth and social progress in Africa.
Established in 1963, the AfDB has 54 member states and provides financing for projects in various sectors such as infrastructure, energy, and agriculture.
The bank also offers technical assistance and policy advice to its member countries.
In 2020, the AfDB approved $24 billion in loans and grants, with a focus on promoting private sector development and reducing poverty.
Investing in Human Capital: A Key Priority Area
Senegal‘s Amadou Hott emphasizes the need for increased investment in education to develop the continent’s human capital. He believes that investing more in skilled development is crucial to creating job opportunities and addressing the challenge of tens of millions of young people on the job market.
Amadou Hott is a Senegalese economist and international civil servant.
He served as the Director-General of the African Development Bank Group from September 2020 to March 2022.
Prior to his appointment, he was the Minister of Economy, Planning and International Cooperation in Senegal.
Hott holds a Ph.D.
in Economics from the University of Paris X Nanterre.
Supporting Governments and Promoting Economic Growth
Dr. Samuel Munzele Maimbo from Zambia prioritizes ensuring that governments receive necessary financial support to grow their economies. He believes that the bank’s concessional financing can help navigate complex environments, but ultimately, the focus should be on growing quickly.
Diversifying African Economies and Investing in Renewable Energy
Chad‘s Abbas Mahamat Tolli advocates for championing a push for African economies to diversify and shore up their revenue base. He proposes investing in renewable energy as a reliable and sustainable source of power.
Maximizing Youth Potential and Encouraging Value-Added Agriculture
Mauritania‘s Sidi Ould Tah focuses on maximizing the potential of the continent’s youthful population by investing in agriculture. He emphasizes the importance of encouraging African countries to add value to their natural resources, transform those products into revenue sources, and invest in women and children.
Addressing Productivity Gaps and Mitigating Climate Change
Bajabulile Swazi Tshabalala prioritizes productivity and infrastructure enhancement, highlighting that Africa’s productivity gap arises from the infrastructure gap. She emphasizes the importance of creating jobs to industrialize and achieve ambitious goals without basic infrastructure in place.
The African Development Bank’s new president will play a critical role in advancing the bank’s agenda into the future. The focus is likely to be on identifying who among the five shortlisted candidates can best advance the bank’s priorities while addressing pressing challenges such as climate change, poverty reduction, and sustainable growth.
