Swazi Tshabalala announces her candidacy for the African Development Bank presidency, prioritizing infrastructure and private sector roles. She is the only female candidate among five. The election occurs on May 29, 2024, after Akinwumi Adesina’s decade-long presidency. Tshabalala has extensive experience and aims to enhance Africa’s economic potential.
Swazi Tshabalala, former Senior Vice President of the African Development Bank (AfDB), has announced her candidacy for the presidency of the bank, aiming to enhance infrastructure development and increase the private sector’s role in Africa if elected in May 2024. She is the only female candidate among a total of five contenders for the leadership position of Africa’s premier financial institution, which maintains a AAA rating from major rating agencies.
Tshabalala faces competition from notable candidates, including Zambia’s Samuel Maimbo, Senegal’s Amadou Hott, Mauritania’s Sidi Ould Tah, and Chad’s Abbas Mahamat Tolli. South African Finance Minister Enoch Godongwana expressed support for her candidacy, stating, “Swazi Tshabalala is an exceptional leader with a proven track record in finance, infrastructure, and economic development.” He emphasized her vast experience, which he believes positions her as an ideal leader for the institution at this transformative time.
The AfDB is scheduled to elect a new president on May 29, 2024, succeeding Nigeria’s Akinwumi Adesina, who will complete his ten-year term. Under Adesina’s leadership, the bank focused significantly on agriculture and recently initiated an $8 billion World Bank-backed initiative aimed at bringing electricity to 300 million individuals across Africa.
Tshabalala’s background includes her tenure at the AfDB since 2018, where she advanced to Senior Vice President in 2021. She has also held leadership positions at Old Mutual Employee Benefits, Standard Bank Group, and Transnet. Previously, from 2006 to 2014, she served as CEO of the Industrial Development Group. In her statement, she remarked, “Africa stands at a pivotal moment, and the African Development Bank must rise to meet the continent’s ambitions with bold, strategic action.”
To successfully attain the presidency of the AfDB, a candidate must secure majority votes from both African and non-African shareholders, the former holding 60 percent of the bank’s equity while the latter controls the remainder.
Swazi Tshabalala’s candidacy for the presidency of the African Development Bank signifies a commitment to advancing Africa’s infrastructure and private sector engagement. With strong backing from financial leaders and a clear vision for the future of the bank, Tshabalala represents a strategic choice for guiding the institution through its next chapter. The forthcoming election will determine the leadership of this critical financial entity.
Original Source: www.cnbcafrica.com
