ABIDJAN, Ivory Coast – The African Development Bank (AfDB) is set to elect a new president this Thursday during its annual meeting, with five contenders vying for the role. The vote comes at a pivotal time as development finance undergoes significant global shifts, with reduced concessional funding, decreased aid from wealthier nations, and unpredictable borrowing costs. With a capital base of $318 billion, the AfDB plays a vital role in Africa’s economic development.
The only female candidate, Tshabalala is a South African banker with three decades of experience. She previously served as the AfDB’s Senior Vice President until October.
Tshabalala envisions a restructured bank that can better deliver long-term infrastructure projects. She emphasizes the need to streamline internal systems to support more impactful development.
“Infrastructure is the key to unlocking Africa’s potential—whether in trade, finance, or mineral resources,” she stated. She also supports the expansion of innovative financing tools, including hybrid capital.
Senegal’s former Minister of Economy and a seasoned banker with a career spanning cities like Lagos and London, Hott aims to foster Africa’s financial independence.
He prioritizes increasing domestic revenue and designing projects that keep investments within the continent. “Raising revenue is essential,” he said, citing Africa’s average tax-to-GDP ratio of 16%, compared to 34% in OECD countries.
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