Last Look At Candidates For President Of African Development Bank
The African Development Bank, which has given out more than $100 billion in loans and grants since its 1964 inception, will elect a new president Thursday May 28 in Abidjan, Côte d’Ivoire.
The bank will be replacing Donald Kaberuka, a former Rwandan finance minister who served for 10 years. His term will end Aug. 31.
The eight candidates are from Nigeria, Ethiopia, Tunisia, Chad, Cabo Verde, Sierra Leone, Zimbabwe and Mali.
A development finance institution, African Development Bank Group or AfDB was established to contribute to the economic development and social progress of African countries.
As a financial institution, AfDB is less politicized than the other multilateral organizations in the region such as the African Union, Quartz reports.
Founded by member states on and off the continent, AfDB consists of three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
AfDB’s area of focus is predominantly infrastructure (57.6 percent). Other areas of focus include multisector (12.6 percent); agriculture and rural development (12 percent); social (9.4 percent) and finance (8.1 percent), according to AfDB data, Quartz reports.
These are some things the bank has done with its money this year, according to Quartz: It facilitated a $123-million loan to the Kenyan government to help finance the Mombasa-Mariakani Highway project, an import-export corridor to Mombasa for land-locked DRC, Rwanda, Uganda, and Burundi. In Tunisia, the bank lent the state-owned energy company $75-million loan to back a gas project,.
The AfDB lends money to African governments and private companies investing in regional member countries. It was originally headquartered in Abidjan, Côte d’Ivoire, then moved to Tunis, Tunisia in 2003, due to the Ivorian civil war; before returning in September 2014.
The official list of candidates for president of AfDB is as follows:
Sources: Quartz, AfDB.org,