Akinwumi Adesina Re-elected as President of the AfDB Group

Addis Ababa :  Nigerian Akinwumi Adesina (PhD) has been re-elected to serve a second five year term as President of the African Development Bank Group on Thursday, August 27, 2020 by the Board of Governors of the Bank.

The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group which was held virtually in Abidjan, Côte d’Ivoire, on Wednesday, 26 August 2020.

The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board of Governors of the Bank, Niale Kaba, and Minister of National Planning of Côte d’Ivoire.

The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group, which was held virtually for the first time in the Bank’s history.

Adesina’s first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

Adesina was first elected as President of the Bank on May 28, 2015.

A globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development, it was indicated.

During Adesina’s first term, the Bank achieved impactful results on the lives of 335 million Africans, including 18 million people with access to electricity and 141 million people benefiting from improved agricultural technologies for food security.

Moreover, 15 million people benefiting from access to finance from private investments, 101 million people provided with access to improved transport and 60 million people gaining access to water and sanitation, it was learned.

The Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row.

The Board of Governors of the Bank Group approved a 125 percent increase in the General Capital of the Bank, raising its capital from 93 billion to 208 billion USD, the largest in the history of the Bank.

Adesina who was also a former Nigerian Minister of Agriculture will begin his new term on September 1, 2020 as newly re-elected President.

He appreciated the election for the second term.

Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a 10 billion USD facility to support African countries to address the COVID-19 pandemic.

The Bank also launched a 3 billion USD COVID-19 social bond on the global capital markets, the highest US dollar denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.

“I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President. It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself,” he stated.

 

 

Source: Ethiopia News agency

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