AfDB to Elect New President Amid U.S. Funding Cuts

The African Development Bank (AfDB) is set to elect a new president this week in Abidjan, Ivory Coast, as the institution faces mounting financial pressure from proposed funding cuts by the United States.

Outgoing president Akinwumi Adesina, who has led the bank since 2015, will step down in September after serving two five-year terms. His successor will inherit a complex landscape, with the U.S. government planning to slash its support to both the AfDB and the African Development Fund by over $500 million. This marks one of the most significant funding challenges the bank has ever faced.

Five candidates are in the running to replace Adesina:

• Swazi Tshabalala (South Africa): Former AfDB vice president and the only female contender, Tshabalala is focused on improving the bank’s infrastructure impact and financial innovation.

• Amadou Hott (Senegal): A former economy minister, Hott emphasizes boosting domestic resource mobilization and strengthening partnerships with the private sector.

• Samuel Munzele Maimbo (Zambia): Currently with the World Bank, Maimbo aims to advance intra-African trade and regulatory reform.

• Sidi Ould Tah (Mauritania): An experienced development finance expert, Tah is advocating for economic independence and climate-resilient projects.

• Abbas Mahamat Tolli (Chad): A seasoned central banker, Tolli plans to enhance governance and expand access to digital finance.

To win the presidency, a candidate must secure at least 50.01% of the votes from African member countries and a majority of votes from all 81 member nations, including global partners such as the U.S., China, and Japan. The winner is expected to be announced on Thursday.

The new president will have to move swiftly to address the funding shortfall, either by negotiating with the U.S. for a reversal, attracting more investment from non-regional partners, or increasing African nations’ contributions. This transition also comes as the U.S. shifts its Africa strategy from aid to trade, posing additional strategic challenges for the AfDB.

The election outcome will shape the future of one of Africa’s most critical development institutions at a time when innovative leadership is needed more than ever.