We publish here Frannie Leautier’s op-ed on the presidency of the African Development Bank (AfDB). Among the five candidates, the former Vice-President of the World Bank and the African Development Bank believes, after weighing the pros and cons, that the Mauritanian Dr. Sidi Ould Tah is the best-prepared candidate.
Africa is abundantly blessed with human and natural resources and has marked notable successes in economic growth, resilience, and innovation. The continent has achieved significant strides in regional integration and trade with the adoption of the AfCFTA.
And Africa is shaping and leading its own destiny. But Africa has an urgent need for transformation in the face of several challenges: debt, cost of capital, jobs, climate, and the unfinished agenda for regional integration and connectivity.
There is no time to waste. The next president of the AfDB will face a steep learning curve and should be someone who can hit the ground running—one who knows the MDB system well, understands Africa’s issues deeply, and can negotiate internationally while leveraging the uniqueness of the AfDB. This leader must have experience transforming large institutions and working with member countries and markets to find solutions. Such a leader would have a proven track record in development finance and global multistakeholder engagement.
As you may know, I was a candidate for the AfDB presidency but suspended my campaign to respect a regional decision process in SADC. Moreover, I have worked for more than twenty years at several MDBs in senior leadership roles and know intimately the unique roles and challenges MDBs face. Additionally, I led the transition from one president to another at the AfDB and am keenly aware of what it takes to successfully lead such an organization.
This is why I am putting my full support behind Dr. Sidi Ould Tah for the position. Dr. Tah is the best-prepared candidate for this role at this time. He has a 360-degree leadership track record, having worked in leadership roles in his own country as a Minister of Economy and Finance, where he implemented tremendous reforms while working closely with the IMF and other development partners. He has held leadership roles in multiple MDBs, including the IsDB and his current position as President of BADEA. He knows the MDB system well, has a strong leadership track record in working with governments and the private sector alike, and understands both public and private finance. He brings deep knowledge of Africa with a history of building partnerships between the East and West, as well as the North and South of the continent.
While at BADEA, he has led the transformation of that MDB—not only raising its credit rating during his tenure but also defending and maintaining the rating while undertaking significant innovation and transformation. He has a proven track record of raising capital from member countries, development partners, and the markets. His support for innovative finance for SMEs is unparalleled and comparable to his support for large corporates and financial institutions alike. He will be the real solutions partner for key decision-makers across Africa and its development partners.
I am certain that, under his leadership at the Bank, he will unleash the power of finance to address Africa’s debt and cost of capital constraints, accelerate the pace of development and innovation by bringing financing to the real economy and creating jobs, harness the creativity within the AfDB and its member countries for innovative solutions, and find unique ways to support valuing nature—as nature finance presents a major opportunity for Africa.
Dr. Tah will get it done—he is a man of few words but a lot of action.
———————————-
*Frannie Leautier, Former Vice-President of the World Bank and the African Development Bank
