The new President of the African Development Bank (AfDB) Group, Dr. Sidi Ould Tah, formally took over the management of the development finance institution on Tuesday and outlined his Four Cardinal Points which include, listening intently; launching a fast-track reform agenda; deepening partnerships and accelerating real solutions as the core priorities which will guide his presidency in the first 100-days of office.
In his maiden address, the seasoned financial expert promised that the bank would be attentive, responsive, and capable of setting priorities that matter, and strengthen its collaboration with key stakeholders by working closely with governments, the private sector, and international partners so that collectively they can “create a financial framework that serves Africa on its own terms.”
In addition, he pledged his readiness “to expand the bank’s partnership to new players such as sovereign funds, pension funds and others”, adding the new management will also urgently revisit the bank’s investment models to include a dedicated pillar for investment in peace.
This is even as he hinted about his intention to organise a Town hall meeting very soon for the bank’s staff, whom he described as the institution’s most valuable resource.
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On how the AfDB could help Sub-Saharan Africa (SSA) in tackling the 21st century challenges of demographics, technology and climate change, Tah said: “Africa must look North, South, East and West—not to imitate, but to draw wisdom and strength from every direction while defining its own course. Like a navigator guided by the compass, the Bank should help Africa navigate the megatrends toward increased self-reliance, ambition, and agency”.
He maintained that the bank’s leadership role in crafting universal solutions shaped by African perspectives, African priorities, and African agency must be approached in a selective manner, stressing that the AfDB “should not aim to be everything to everyone. It should focus on where it can move the needle most, always with the spirit of partnership.”
The new AfDB President is the former President of the Arab Bank for Economic Development in Africa (BADEA), during which he grew the lenders’ assets from $4 billion to nearly $7 billion, and transformed it to achieve AA+/AAA credit ratings.
Tah is bringing to the Presidency of the AfDB Group over four decades of distinguished experience in development banking, economic policy, and institutional transformation.
Earlier, he had served as Minister of Economy and Finance of Mauritania between 2008 and 2015, and Mauritania’s Governor on the Boards of the AfDB, World Bank and the Islamic Development Bank (IsDB), among others.
Tah inherited a pan-African development finance institution with robust fundamentals: $318 billion in capital, AAA credit ratings maintained for 10 consecutive years during the tenure of the immediate past President, Dr. Akinwumi Adesina, and the world’s highest transparency score for a sovereign portfolio at 98.8%.
