The African Development Bank (AfDB) began its annual meetings on Monday, a high-stakes gathering in Abidjan that will culminate in the election of a new president. This year’s event comes at a critical juncture, as the continent’s largest multilateral financial institution faces significant funding challenges—most notably a proposed $555 million cut in U.S. contributions to the AfDB and its concessional arm, the African Development Fund (ADF), which supports low-income countries,leadership reports.
The meetings bring together heads of state, finance ministers, and key economic stakeholders from across the continent. Five candidates are competing to succeed outgoing President Akinwumi Adesina, whose second and final five-year term ends in September. The contenders include:
- Bajabulile Swazi Tshabalala (South Africa)
- Amadou Hott (Senegal)
- Samuel Munzele Maimbo (Zambia)
- Sidi Ould Tah (Mauritania)
- Abbas Mahamat Tolli (Chad)
Each candidate brings substantial experience in finance and development, along with bold visions for Africa’s economic future.
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The leadership transition comes as many African countries grapple with mounting debt and are actively seeking alternative sources of development financing. With a capital base of $318 billion, the AfDB is jointly owned by 54 African nations and major global economies, including the United States, Japan, and the institution’s largest shareholder, Nigeria.
Attention is also turning to the upcoming replenishment round for the African Development Fund, set for November. The bank is aiming to raise $25 billion—nearly triple the $8.9 billion secured in the previous cycle.
According to experts, the incoming president will face tough choices: lobbying the U.S. to restore funding, courting non-regional partners such as China or Gulf states like Saudi Arabia and the UAE (potentially offering greater influence in return), or urging African countries to increase their own financial commitments.
At a press briefing on Monday, Adesina outlined the AfDB’s strategic goals for the next decade: expanding electricity access, boosting agricultural productivity, supporting industrial development, deepening regional integration, and raising living standards across the continent.
To be elected, a candidate must first secure at least 50.01% of the vote from African member countries. A second round of voting that includes all 81 member states—both regional and non-regional—will determine the final outcome. The new president is expected to be announced on Thursday.
