Race for AfDB Presidency: Candidates' Visions to Revolutionize Africa's Development Finance

In a high-stakes election this Thursday, five candidates are competing for the presidency of the African Development Bank during its annual meeting in Abidjan, Ivory Coast. As concessional funding dwindles and borrowing costs rise, the bank's $318 billion in capital gains increasing importance for Africa's economic future.

Among the candidates, Swazi Tshabalala, former AfDB senior vice president, aims to overhaul the bank's internal infrastructure to ensure Africa can capitalize on its resources effectively. Meanwhile, Amadou Hott of Senegal envisions a focus on financial self-reliance by increasing revenue mobilization, critical in addressing borrowing costs and boosting credit ratings.

Zambian candidate Samuel Munzele Maimbo, currently a World Bank vice president, advocates for improved financial regulations to enhance inter-African trade. Sidi Ould Tah from Mauritania seeks to break legacy constraints, emphasizing economic sovereignty and formalizing Africa's informal sector. Finally, Abbas Mahamat Tolli from Chad aims to transform the AfDB by tackling fiscal mismanagement and strengthening governance to achieve financial sustainability.

(With inputs from agencies.)