The newly reelected president of the African Development Bank (AfDB), Nigeria’s Akinwumi Adesina, says his re-election for another five-year term is yet another call for selfless service to Africa and the African Development Bank.
Adesina, a former Nigerian minister of agriculture, has also promised to build on the strong foundations of success the bank recorded in the past five years under his watch.
Adesina was elected for a second term as AfDB president by the Board of Governors of the Bank on Thursday, winning 100 percent of votes of all regional and non-regional members of the bank in an election held electronically at the virtual annual general meeting of the bank.
“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,” Adesina said, according to a press release by Nafissatou Diouf, Ag. Director, Communication and External Relations Department of AfDB.
“The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank Group. We will build on the strong foundations of success in the past five years, while further strengthening the institution, for greater effectiveness and impacts,” said Adesina, who will begin his new term on September 1, 2020.
Adesina’s first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.
During Adesina’s first term, the bank achieved impactful results on the lives of 335 million Africans, including: 18 million people with access to electricity; 141 million people benefiting from improved agricultural technologies for food security; 15 million people benefiting from access to finance from private investments; 101 million people provided with access to improved transport; and 60 million people gaining access to water and sanitation.
The bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group approved a 125 percent increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest in the history of the Bank.
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 4th most transparent institution globally by Publish What You Fund, bolstering its strong governance credentials for transparency and accountability.
Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a $10 billion facility to support African countries to address the COVID-19 pandemic. The bank also launched a $3 billion COVID-19 social bond on the global capital markets, the highest US dollar denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.
