ABIDJAN: Mauritania’s former economy minister Sidi Ould Tah assumed leadership of the African Development Bank on Monday, pledging to foster a robust and prosperous continent amid significant financial headwinds.
His inauguration comes during a challenging period for the institution as the United States administration plans to cut five hundred million dollars in funding for projects supporting low-income nations.
The AfDB ranks among the world’s largest multilateral development banks, financed through member subscriptions, global market loans, and income from repayments.
Tah emphasised his commitment to continuing the bank’s unifying mission during his swearing-in ceremony at its Ivorian headquarters.
Africa’s new chief financier outlined pressing continental challenges including reductions in foreign development aid, substantial debt burdens, and the severe impacts of climate change.
He declared that the eyes of Africa are upon the institution, with youth awaiting action and peace being essential for achieving development objectives.
Tah had previously advocated for seeking alternative funding sources from Gulf countries during his election campaign, responding to dwindling United States foreign aid.
The sixty-year-old served as Mauritania’s economy minister for seven years before leading the Arab Bank for Economic Development in Africa for a decade.
He was elected in May to succeed Nigeria’s Akinwumi Adesina, marking a new chapter for the continent’s premier financial institution. – AFP
