Sidi Ould Tah assumes leadership of the African Development Bank (AfDB) following his tenure as Mauritania’s Finance Minister and, more recently, as President of the Arab Bank for Economic Development in Africa (BADEA).
Akinwumi Adesina leaves the institution after completing a second term, during which he achieved an unprecedented 100% vote of confidence from member states, which include all Portuguese-speaking African countries and Portugal as a non-regional member.
Under Adesina’s leadership, the AfDB increased its authorized capital from $93 billion to $318 billion (€80 billion to €272 billion), marking the largest increase in the bank’s history. Last year, it reported a net profit of €310 million, approved €10.6 billion for new projects, and disbursed €6.4 billion, a 15% rise compared to 2023.
Adesina was also responsible for implementing the High5s, the five strategic priorities guiding the AfDB’s investments: Feed Africa, Industrialize Africa, Light Up and Power Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. He launched the Lusophone Compact, a financing tool for projects in Portuguese-speaking African countries.
Sidi Ould Tah brings over 35 years of experience in development finance to the AfDB. During his time at BADEA, he quadrupled the institution’s asset base and improved its rating to AAA.
During his campaign for the AfDB presidency, he presented a four-point platform: reform Africa’s financial architecture, leverage the continent’s demographic dividend, industrialize sustainably, and unlock large-scale capital.
In addition to mobilizing more resources for African development, Ould Tah will face various challenges, including high public debt, limited access to international markets, climate change impacts, and a decrease in external aid, particularly from the United States.
Partnerships with Gulf countries, which have increased investment in Africa, might serve as a valuable asset for the new AfDB president to offset reduced financial assistance from the West.
