Sidi Ould Tah elected president of African Development Bank

The Mauritanian economist Sidi Ould Tah has been elected president of the African Development Bank (AfDB) with 76.18% of the votes. The election took place on Thursday during the institution’s annual meetings in Abidjan.

Ould Tah prevailed after three rounds of voting, defeating Zambian Samuel Munzele Maimbo, who received 20.26% of the votes, and Senegalese Amadou Hott with 3.55%. The other candidates, Chadian Mahamat Abbas Tolli and South African Swazi Tshabalala, were eliminated in earlier rounds.

“I would like to thank Africa for this trust. I understand the responsibility and duty that comes with it,” declared Ould Tah following his election. He concluded his brief speech in English, stating, “Now, it’s time to go to work. I’m ready.”

The newly elected president brings substantial experience to the position. For the past decade, he has served as head of the Arab Bank for Economic Development in Africa (BADEA), where he significantly transformed the institution. Under his leadership, BADEA’s annual commitments increased from $200 million to $2.2 billion in 2023.

Prior to BADEA, Ould Tah held the post of Mauritania’s Minister of Economic Affairs and Development from 2008 to 2015. He holds a doctorate in economics from the University of Nice Sophia Antipolis and a postgraduate degree from the University of Paris VII.

His campaign focused on four priorities: climate resilience, economic diversification, inclusion of youth and women, and mobilizing innovative financing. He also advocates for reforming Africa’s financial architecture and better integration of the informal sector through fintech and blockchain.

“His various experiences have allowed him to develop expertise that will be invaluable,” said Nialé Kaba, Ivorian Minister of Economy and Planning and chair of the AfDB Board of Governors. “He represents great hope for Africa. Given the complex international context, we need more than ever to mobilize financing. We are convinced he will succeed.”

Ould Tah will officially take office on September 1, succeeding Nigerian Akinwumi Adesina, who led the institution for ten years. Despite mixed reviews of Adesina’s tenure, he leaves the AfDB in excellent financial health, with a net profit of €310 million last year.

Founded in 1964, the bank, which has 81 member countries, including 54 African nations, is one of the major multilateral development banks globally. Under Adesina’s presidency, the AfDB’s capital tripled from $93 billion to $318 billion.

Ould Tah inherits a ten-year strategy (2024-2033) focused on Adesina’s “High 5” priorities: feed, light up, integrate and industrialize Africa, while improving Africans’ quality of life. However, he may reorient this strategy according to his own priorities, which he has termed “The Four Cardinal Points.”

The new president faces immediate challenges, including a changing international economic environment. The United States has announced plans to eliminate its half-billion-dollar contribution to the bank’s fund for low-income countries on the continent.

Morocco has maintained a strong partnership with the AfDB since 1978. The bank has committed a cumulative $15 billion to the country, supporting over 150 projects in sectors ranging from human development to energy, transportation, agriculture, industry, and finance.

Notable projects include the Noor Ouarzazate solar complex and the strategic Nador West Med port. The AfDB has also supported infrastructure development in preparation for Morocco’s co-hosting of the 2030 World Cup and invested over €1.5 billion in water management projects to address persistent drought.