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yesterday

Adesina Concludes 10-Year AfDB Presidency as Five Candidates Vie to Succeed Him

His departure follows a decade marked by tripled capital, flagship development programs, a charge to secure Africa’s economic future.

Akinwumi Adesina, president of the African Development Bank (AFDB), is due to step down after two five-year terms
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Overview

  • The Bank’s capital grew from $93 billion in 2015 to $318 billion in 2024, marking its largest capital increase ever.
  • Adesina’s High 5s development strategy reached over 565 million Africans with initiatives on energy, food security, industrialization and integration.
  • He secured a record $8.9 billion for the African Development Fund’s 16th replenishment to finance concessional lending.
  • The newly launched Mission300 Energy Summit, in partnership with the World Bank, aims to bring electricity to 300 million Africans by 2030.
  • Five finalists from Senegal, Zambia, Mauritania, Chad and South Africa are competing to succeed Adesina and must defend Africa’s interests while lowering borrowing costs through a proposed African Credit Union.