Akinwumi Adesina gets second term as president of AfDB

The African Development Bank (AfDB) on Thursday re-elected Akinwumi Adesina for a second five-year term as AfDB president.

The Abidjan-based bank conducted the vote to reappoint Dr Adesina during its annual meeting, which is being held via video link.

Dr Adesina, who was running unopposed, gained 100 per cent of votes cast, the bank said in a statement.

His reappointment comes after the bank’s ethics committee and an independent panel investigated whistleblowers’ allegations he had abused his office and cleared him of all wrongdoing in July.

In the statement, the bank said the “globally renowned development economist” has driven a bold agenda to reform the Bank and accelerate Africa’s development. He was first elected as president on May 28, 2015.

A former Nigerian Minister of Agriculture, Dr Adesina will begin his new term on September 1.

He got 100 percent of votes of all regional and non-regional members of the bank announced by the chairperson of the Board of Governors of the bank, Mrs Niale Kaba, Minister of National Planning of Côte d’Ivoire.

Mrs Kaba, said: “I am delighted that the Board of Governors have re-elected Dr Adesina for a second term in office as President. As shareholders, we strongly support the Bank and will give him all the necessary support to carry forward and implement his compelling vision for the Bank over the next five years.”

Dr Adesina’s first term focused on five development priorities known as the High 5s: Lighting up and Powering Africa; Feeding Africa; Industrialising the continent; Integrating the region; and Improving the Quality of Life for the People of Africa.

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

The Board approved a 125 percent increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion.

The African Development Fund received a $7.6 billion pledge from donors, a 32 percent increase, for support to low-income countries and fragile states.

The bank was ranked the fourth most transparent institution globally by Publish What You Fund.

Under Dr Adesina’s leadership, the African Development Bank’s Board approved a $10 billion facility to support African countries to address the Covid-19 pandemic.

It also launched a $3 billion Covid-19 social bond on the global capital markets.

Dr Adesina said: “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.”