Meet Bajabulile Tshabalala, AfDB presidential candidate prioritising infrastructure development

Bajabulile Tshabalala, a renowned South African economist and finance expert, has entered the race for the African Development Bank (AfDB) presidency, with a strong focus on enhancing infrastructural development across the continent.

“Following the endorsement of the Cabinet of the Government of South Africa of my candidacy for the position of President of the African Development Bank in 2025, I have taken the decision to resign immediately from the Bank. This decision is in accordance with the Bank’s rules and regulations, to avoid any potential conflict of interest as I pursue my candidacy”.

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“I have been greatly honoured to serve as Senior Vice President of Africa’s premier financial institution. It has been an honor to work under President Adesina to whom I extend my thanks for his leadership and unwavering support. I wish him all the best for the remainder of his term as President of the African Development Bank Group. There is much that he has done to propel the Bank to achieve, and he can take pride in. I am certain that the rest of his term in office will produce further accolades”, said Tshabalala.

In response Akinwumi Adesina, the outgoing president of the African Development Bank said, “Ms. Swazi Tshabalala has been a valuable member of the Bank’s senior leadership group. I commend Swazi for her significant contributions to the Bank over the past six years, including working as part of my management team to deliver on our strategies and operations. I thank her for her exemplary work and service to the African Development Bank Group”.

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Tshabalala has close to three decades of experience in finance, treasury management and capital market operations. She brings a bold vision for an AfDB that is financially robust, results-driven, and focused on transformative growth.

She graduated with a BSc in Economics from Lawrence University in the USA in 1989. She obtained a Master’s Degree in Business Administration from Wake Forest University, the USA in 1992.

She joined the AfDB Group in 2018 as vice president for finance and chief financial officer. In 2021, she was appointed as senior vice president, a position she held until October 2024 due to her interest in the AfDB’s presidential seat.

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Before her tenure at the Bank, she held leadership roles at Old Mutual Employee Benefits, Standard Bank Group, and Transnet Limited, where she gained firsthand experience in managing large infrastructure projects. From 2006 to 2014, she served as the CEO of the Industrial Development Group (IDG), driving investment in key sectors across Africa.

Tshabalala has played a pivotal role in mobilising capital for Africa’s most pressing development needs, from leading the Bank’s financial response to the COVID-19 pandemic to pioneering innovative funding mechanisms that global financial institutions have since adopted.

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Infrastructure development will be a core focus of Tshabalala’s leadership at the AfDB. She believes it is the foundation of sustainable economic growth. She emphasizes the need for strategic investments in projects that connect markets, reduce trade barriers, and support industrialization. Under her leadership, the AfDB will prioritize infrastructure projects that are bankable, sustainable, and aligned with national and regional development strategies.

“Africa stands at a pivotal moment, and the African Development Bank must rise to meet the continent’s ambitions with bold, strategic action”

“My vision is to build a financially strong, results-driven AfDB that prioritises infrastructure, expands innovative financing solutions, and strengthens partnerships to unlock Africa’s full economic potential.

“This is not just about investment—delivering real, lasting impact for African nations and their people.” She said.

One of Tshabalala’s key achievements has been the introduction of hybrid capital financing at AfDB, which allows multilateral development banks to attract private sector investment while maintaining financial stability. She aims to expand the use of hybrid instruments to diversify AfDB’s funding base, ensuring that the Bank remains financially strong while increasing its ability to finance transformative projects.

Tshabalala has built extensive experience as Non-Executive Director on the Board of Directors of several leading corporations, including MTN, Tiger Brands (SA) and South African Airways, Liberty Group South Africa, Standard Bank Group, STANLIB Asset Management Limited, Transnet Pension Fund and V & A Waterfront Holdings.