Sidi Ould Tah, a former finance minister of Mauritania, has been elected as the new president of the African Development Bank (AfDB). Previously the head of the Arab Bank for Economic Development in Africa, Tah secured the position after three rounds of voting by the AfDB\u2019s Board of Governors during their meeting in Abidjan, ultimately receiving over 76% of the vote.<\/p>\n
In the lead-up to the May 29 election, Tah pledged to implement internal reforms if chosen. He emphasized the importance of streamlining key operations at the Bank, including shortening project implementation timelines and attracting top-tier talent.<\/p>\n
He outlined four core pillars that will guide his leadership, with a focus on increasing development financing and reinforcing Africa\u2019s financial infrastructure. \u201cThe current level of financing is clearly insufficient,\u201d he stated during a press conference in Mauritania, highlighting that the continent\u2019s needs exceed $400 billion.<\/p>\n