African Dev’t Bank elects new president

Dr. Akinwumi, AfDB president-elect

Dr. Akinwumi, AfDB president-elect

Nigeria’s Minister of Agriculture and Rural Development, Dr. Akinwumi A. Adesina, has been elected as the new president of the African Development Bank (AfDB).

He becomes the eighth person elected as AfDB president.

Dr. Adesina secured the position after beating two other candidates, Chadian Finance Minister Kordje Bedoumra, and Cape Verde’s Finance Minister Cristina Duarte.

The three were shortlisted from a list of eight candidates .

Dr. Adesina secured 58 per cent of the votes in the final round at a meeting in Abidjan, Ivory Coast, while Kordje Bedoumra secured 32 per cent votes, and Cristina Duarte, 10 per cent.

His election as the bank’s eight president signals the exit of Dr Donald Kaberuka, who completes his second and last term at the helm of Africa’s most notable multilateral development finance institution on August 31.

Dr Adesina assumes office at AfDB’s head office in Abidjan, for his first term of five years, on September 1.

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