Mauritanian Dr. Sidi Ould Tah has officially taken over the reins from Akinwunmi Adesina as president of the African Development Bank (AfDB), having won May’s elections.
In his acceptance speech, Sidi Ould Tah expressed his eagerness to put in the work aimed at ensuring he continues the legacy of Akinwunmi Adesina.
“Your Excellency, Ladies and Gentlemen, Governors, Governors, Administrators, Ladies and Gentlemen, It is with great humility and a sense of responsibility that I address you at this special moment.
“First of all, I would like to thank Africa for the trust it has given me, all my Mauritanian brothers and sisters, all my African brothers and sisters, for the momentum of solidarity that will accompany my campaign. Now, let us go to work.
“I am ready. We are at the end of this session. I would like to congratulate you on the successful election of the new President and for the collectiveSidi Ould Tah AfDB spirit that characterized this election.” He said.
Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.
Expectations For New President
Dr. Sidi Ould Tah’s immediate challenge will be addressing the AfDB’s funding pressures, especially after the U.S. cut $555 million from its contribution to the African Development Fund.
Tah will also be tasked with narrowing Africa’s massive infrastructure and development financing gap, estimated at over $400 billion annually, while pushing for a significant increase in ADF replenishments. In addition, he must support African economies struggling with debt, inflation, and climate-related shocks through initiatives such as the African Financial Stability Mechanism.