Governors of African Development Bank to elect a new president on Thursday May 29

Governors of the African Development Bank Group will elect a new president on Thursday, May 29 at the ongoing 2025 Annual Meetings in in Abidjan, Côte d’Ivoire.

The tenure of the current President Akinwumi Adesina comes to an end this year.

In an emotional farewell speech during the meetings, Adesina gave an upbeat account of his 10 years at the helm of Africa’s premier development finance institution, but also warned of the need for the continent to stand on its own two feet.

“This is no longer a time to depend on fragments of foreign aid,” Adesina said. “Africa must unlock its own resources—human, financial, natural—and build internal value chains that drive inclusive growth.”

Adesina thanked Africa’s leaders and his staff for helping make a reality, the Bank’s “High 5s” strategy, which has improved the lives of 565 million Africans.

Over the past decade, the Bank has invested $102 billion, representing 46 percent of its total funding since its creation in 1964. This includes $55 billion in infrastructure, support for Mission300—a bold initiative to provide 300 million Africans with electricity by 2030—and $225 billion mobilized in investment interest through the Africa Investment Forum.

In Côte d’Ivoire—the host country—Adesina noted that bank funding has grown 1.6 times since 2015, financing landmark projects such as the Henri Konan Bédié and 4th bridges in Abidjan and infrastructure around the 2024 Africa Cup of Nations stadium.

“I hope we scored a goal for you,” he joked in a reference to the country’s winning of the last Africa Cup of Nations in February 2024.

He also highlighted the Bank’s role in steering the continent through multiple crises – from the COVID-19 pandemic and global food insecurity to debt challenges and climate shocks. “We came a long way—and we did it all for Africa,” said Adesina. “Africa is still standing. And Africa is standing tall.”

He also pointed to a legacy of institutional innovation: the Bank’s capital grew from $93 billion to $318 billion, and it maintained its AAA credit rating throughout his presidency. New instruments, such as hybrid capital and synthetic securitization, expanded the development of finance frontiers.

The post Governors of African Development Bank to elect a new president on Thursday May 29 first appeared on 3News.

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