African Development Bank appoints Mauritanian economist Sidi Ould Tah as its first president, promising a new era for the continent’s growth and progress.
The African Development Bank has chosen a new president, Mauritanian economist Sidi Ould Tah, after three rounds of voting. “We are committed to supporting our member countries in their efforts to achieve the Sustainable Development Goals,” said Sidi Ould Tah.
Key Facts About Sidi Ould Tah
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Tah secured 76% of the total vote, making him the clear winner.
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He will be the ninth chief of the 60-year-old development finance institution.
- The bank boasts a broad ownership structure, with 54 African countries and G7 nations as shareholders.
The Role of the African Development Bank
The African Development Bank is responsible for backing large-scale infrastructure developments within the continent. It uses resources from the African Development Fund (ADF), which is replenished every three years by international partners. However, with the Trump administration committed to cutting US funding to the AfDB, Tah will have to find creative ways of doing more with less or finding new donors.
Challenges Ahead
With a capital of $318bn, Sidi Ould Tah faces significant challenges in ensuring the bank’s continued success. He has pledged to collaborate more with Gulf states around infrastructure development. This new era for African development marks an exciting time for the continent’s growth and progress.
- theguardian.com | Sidi Ould Tah named African Development Bank president
