AfDB to elect new president amid funding challenges

The African Development Bank (AfDB) will elect a new president this week during its annual summit in Abidjan, as the institution faces a looming $555 million funding cut by the United States.

Five candidates from South Africa, Senegal, Zambia, Chad and Mauritania are competing to succeed Akinwumi Adesina, whose second and final term ends in September. The winner will be announced Thursday after securing a dual majority from the bank’s 54 African and 81 total member states.

The leadership transition comes at a critical time for Africa’s largest multilateral lender, which is under pressure following Washington’s proposed withdrawal from both the AfDB and its concessional arm, the African Development Fund (ADF).

Analysts say the incoming president’s first challenge will be to restore donor confidence and seek alternative funding sources, possibly from China, the Gulf, or increased African contributions. The next replenishment round for the ADF is scheduled for November.

The summit, one of Africa’s biggest financial gatherings, is expected to address the broader fallout from the return of US President Donald Trump, whose policies have driven up import tariffs and reduced bilateral aid to African nations.

Attribution: Reuters
Subediting: M. S. Salama