The African Development Bank, which has given out more than $100 billion in loans and grants since its 1964 inception, will elect a new president Thursday May 28 in Abidjan, Côte d’Ivoire.
The bank will be replacing Donald Kaberuka, a former Rwandan finance minister who served for 10 years. His term will end Aug. 31.
The eight candidates are from Nigeria, Ethiopia, Tunisia, Chad, Cabo Verde, Sierra Leone, Zimbabwe and Mali.
A development finance institution, African Development Bank Group or AfDB was established to contribute to the economic development and social progress of African countries.
As a financial institution, AfDB is less politicized than the other multilateral organizations in the region such as the African Union, Quartz reports.
Founded by member states on and off the continent, AfDB consists of three entities: The African Development Bank, the African Development Fund and the Nigeria Trust Fund.
AfDB’s area of focus is predominantly infrastructure (57.6 percent). Other areas of focus include multisector (12.6 percent); agriculture and rural development (12 percent); social (9.4 percent) and finance (8.1 percent), according to AfDB data, Quartz reports.
These are some things the bank has done with its money this year, according to Quartz: It facilitated a $123-million loan to the Kenyan government to help finance the Mombasa-Mariakani Highway project, an import-export corridor to Mombasa for land-locked DRC, Rwanda, Uganda, and Burundi. In Tunisia, the bank lent the state-owned energy company $75-million loan to back a gas project,.
The AfDB lends money to African governments and private companies investing in regional member countries. It was originally headquartered in Abidjan, Côte d’Ivoire, then moved to Tunis, Tunisia in 2003, due to the Ivorian civil war; before returning in September 2014.
The official list of candidates for president of AfDB is as follows:
Sources: Quartz, AfDB.org,
Akinwumi A. Adesina, Nigeria
Born Feb. 6, 1960, Adesina is the Nigerian Minister of Agriculture and Rural Development. Previously he served as Vice-President of Policy and Partnerships for the Alliance for a Green Revolution in Africa (AGRA).
His academic qualifications include a Ph.D. in agricultural economics from Purdue University, U.S. (1988), where he was awarded Most Outstanding Ph.D. Thesis. He has a master’s degree in agricultural economics from Purdue and a bachelor’s degree in agricultural economics from University of Ife, Nigeria (1981).
Sufian Ahmed, Ethiopia
orn BMay 10, 1958, Ahmed is Minister of Finance and Economic Development of Ethiopia. Previously he served as commissioner of the Ethiopian Customs Authority.
His academic qualifications include a master of science in economic development and planning.
Jaloul Ayed, Tunisia
Born Feb. 6, 1951, Ayed is president of the MED Confederation, a newly created alliance that aims to promote socioeconomic cooperation in the Mediterranean region.
Previously, he served as Minister of Finance in Tunisia; general manager of BMCE Bank, Morocco; and vice-president of Citibank.
His academic qualifications include a master’s degree in economics from the University of Maryland (1979). He also attended the University of Colorado (1977) and the University of Florida (1978). He earned a bachelor of science degree in economics at the Faculty of Law and Economics, Tunis (1976).
Kordjé Bedoumra, Chad
Born Jan. 1, 1952, Bedoumra is Minister of Finance and Budget for Chad.
Previously he served as Secretary General of the Presidency of Chad;
Minister of Planning, Economy and International Cooperation; and vice-president in charge of corporate services for African Development Bank.
Academic qualifications include a civil telecommunications engineering degree from Ecole Nationale Supérieure de Télécommunication (Sup Telecom), Paris, (1979); master’s in electronics, automatic and electro-mechanical from the Paul Sabatier University, Toulouse, (1977);
and a management certificate from HEC, Montreal (2005).
Cristina Duarte, Cabo Verde
Born Sept. 2, 1962, Duarte is Cabo Verde’s Minister of Finance and Planning.
Previously, she served as director of private-sector development and competitiveness for the World Bank Project, Cabo Verde. She was also
vice president and head of corporate and investment banking for Citibank, Angola.
Her academic qualifications include and MBA from the American Graduate School of International Management in Glendale, Arizona, U.S. (1996);
a post-graduate diploma in business administration from The Economics Institute at the University of Colorado, Boulder, U.S. (1994); and a
bachelor of arts in economics from the Instituto Superior de Economia, Universidade Técnica de Lisboa, Portugal (1984.)
Samura M. W. Kamara, Sierra Leone
Born April 30, 1951, Kamara is Minister of Foreign Affairs and International Cooperation for Sierra Leone.
Previously he served as Minister of Finance and Economic Development.
Academic qualifications include a Ph.D., master’s and bachelor of science degree in economics.
Thomas Z. Sakala, Zimbabwe
Born March 3, 1955, Sakala retired from AfDB in October 2014.
Previously, he served as vice president of country and regional programs for AfDB
His academic qualifications include a bachelor of science degree in economics (1978); and a master’s in economics from the University of Ibadan, Nigeria (1979).
Birama Boubacar Sidibé, Mali
Born June 16, 1952, Sidibé is vice president of Islamic Development Bank, Jeddah, Saudi Arabia.
Previously he served as managing director of Shelter Afrique (a pan-African lender in the African real estate and housing sector) in Nairobi, Kenya.
His academic qualifications include studying engineering at ENGREF, Paris; and a master of science in Montpellier, France.