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Mauritania’s former finance minister, Sidi Ould Tah, assumed his role as head of the African Development Bank on Monday, promising to foster a “strong and thriving” continent despite cuts in U.S. aid.
The AfDB ranks among the largest multilateral development banks globally, supported by member contributions, loans secured from international markets, as well as repayments and earnings from its loan portfolio.
Tah, however, steps into leadership during a challenging period for the organisation, as the administration of President Donald Trump plans to reduce funding for AfDB initiatives aimed at aiding low-income nations by $500 million.
After being inaugurated at the Bank’s headquarters in Abidjan, Ivory Coast, Tah expressed his dedication to pursuing “the mission that binds us: constructing a strong and prosperous Africa.”
Africa’s new chief banker outlined the challenges faced by the continent, including declines in foreign development assistance, substantial debt burdens, and the impacts of climate change.
“The eyes of Africa are on us, the youth is waiting, the time is for action,” Tah said, stressing the importance of peace to achieve development goals.
During his candidacy, Tah said that the bank should seek alternative funding sources, particularly from Gulf nations, in light of the United States scaling back its foreign aid.
The 60-year-old previously served as Mauritania’s Minister of Economy from 2008 to 2015 and spent a decade leading the lesser-known Arab Bank for Economic Development in Africa.
Tah was elected in May to succeed Nigeria’s Akinwumi Adesina as the head of the AfDB.
