Akinwumi Adesina re-elected as AfDB’s President

Nigeria’s  Akinwumi Adesina has been re-elected as the President of the African Development Bank (AfDB), for another five-year term.

The re-election took place electronically during AfDBs’ 2020 Annual Meeting.

Nairametrics reported Mr. Adesina disclosed his intentions to run as the multilateral bank’s President for a second time yesterday.

Mr. Adesina stressed the need for unity to enable the continent to pull together and stay focused on the goal of fighting the effect of the pandemic on Africa’s economy. According to him, “pulling together has always been the strength of the African Development Bank.”

He said that Africa has lost a decade’s worth of economic growth due to the pandemic and that despite Africa’s recovery being long, the need for unity would be needed now more than ever in the AfDB.

“Now we must help Africa to build back, boldly, but smartly, paying greater attention to quality growth: health, climate, and the environment,” he added.

He also disclosed that the bank’ Board of Directors were able to launch support schemes to cushion the effects of the pandemic. “

“The Bank launched a $10 billion COVID-19 Response Facility to support African countries. We launched a $3 billion social bond on the global market – the largest US dollar-denominated social bond ever in world history.”

Adesina recalled that his current five-year term as head of the African Development Bank Group was marked by the implementation of five strategic priorities for the continent’s development, known as the “High 5s.”

Adesina said his first term as President of the Bank saw the implementation of the five stratregic goals for Africa’s development, called the “High 5s”.

“Five years ago, right here in Abidjan, you elected me president of the African Development Bank. It was a huge responsibility to shoulder. I promised that I would work tirelessly to accelerate Africa’s development. My vision, focused on the High 5 priorities, was my commitment, my promise, my compass,” he said.

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