Swazi Tshabalala is the only woman among the five candidates vying for the presidency of the African Development Bank. Of South African origin, she served until recently (October 2024) as the Bank’s Senior Vice President and Chief Financial Officer. If elected, she intends to transform the institution into a development bank that is “bolder, faster, and more inclusive.” Interview conducted in Cape Town by Fazila Dahall, journalist and member of the Financial Afrik Awards Jury.
“The African Development Bank must become the best place to build Africa’s future !”
What motivates you to run for the presidency of the African Development Bank?
Africa is rising—but the pace of change must match the urgency of our challenges. I am running to lead a Bank that moves with that urgency. For over 30 years, I have worked across sectors—from investment banking to infrastructure, from state-owned enterprise reform to multilateral finance. I have seen what works—and what holds us back. Most recently, as Senior Vice President and Chief Financial Officer, I helped the African Development Bank navigate unprecedented global shocks while securing the largest capital increase in its history. But I know we must now go further. My motivation is clear: to lead the Bank into its next chapter—as a more focused, faster, and more accountable institution, one that delivers visible change in the lives of Africans everywhere.
What is your vision for the Bank over the next five years, and how do you plan to strengthen its impact on economic and social development in Africa?
My vision is for a Better, Bolder, Bigger Bank—one that drives Africa’s transformation through action, not ambition alone.
This vision rests on three pillars:
- Scaling strategic infrastructure — energy, transport, and digital connectivity—to unlock productivity and regional integration.
- Unleashing private sector growth and financial innovation, with smarter tools that crowd in capital and empower entrepreneurs.
- Building a high-performance institution that is agile, transparent, and obsessed with execution.
Over the next five years, I will lead the Bank to cut project approval times in half, mobilize more private and institutional capital, and focus relentlessly on delivery. It is time to turn strategy into impact and promises into measurable results.
How do you intend to reform the institution to maintain its triple-A rating and preserve its human resources?
A strong institution is built on financial credibility and people who believe in its mission. I will protect both. As Chief Financial Officer, I led the design of frameworks that protected the Bank’s triple-A rating during crisis—while securing the largest capital increase and a record replenishment of the concessional window. These were not just numbers—they were votes of trust in our stewardship. Going forward, I will enhance our capital tools, expand hybrid financing, and deepen risk management. But numbers alone do not build a great Bank. I will invest in our people—at headquarters and across the continent—empowering them to lead, innovate, and deliver results. The African Development Bank must be the best place to serve Africa’s future.
What are the priority areas you would like to focus on, and how will you finance them in the face of limited resources?
Africa’s potential is vast—but our resources are finite. That is why we must be focused, selective, and bold.
My priorities are clear:
- Strategic infrastructure that drives trade and industrialization
- Private sector development that creates jobs at scale
- Capacity-building to strengthen the foundations of governance and delivery.
To finance this, I will unlock new capital—not only from donors and shareholders, but from the private sector, African pension funds, and global partners ready to co-invest in Africa’s future. Tools like blended finance, synthetic securitization, and infrastructure bonds will help us stretch every dollar further. I pioneered many of these at the Bank—and I am ready to scale them now.
How will you integrate climate issues (adaptation, energy transition) into the Bank’s projects, especially for vulnerable countries?
Africa did not cause the climate crisis—but we are among the most exposed to its consequences. Our response must be proactive, integrated, and equitable. I will ensure that climate resilience is not treated as a standalone priority—but as a core thread across infrastructure, agriculture, water, and energy. From renewable investments to climate-smart agriculture, we will design every project with adaptation and sustainability at the center. Countries most at risk—like small island states and fragile economies—will benefit from expanded use of the Climate Action Window, which I helped design. But beyond finance, we will provide technical support, knowledge, and innovation to ensure no country is left behind in this critical transition.
In the face of global crises (wars, pandemics), how will you mobilize more public and private funds for African projects?
Crises demand clarity—and leadership that can turn complexity into confidence. In today’s world, development banks must do more than lend. We must lead investment, de-risk opportunity, and unlock partnership. I will position the African Development Bank as a trusted platform where public and private capital converge to back Africa’s priorities. This means scaling blended finance, expanding infrastructure bonds, and making it easier for investors to trust African projects. It also means working across borders—pooling African institutional capital and working with sovereign wealth funds, asset managers, and family offices who want impact with returns. As Chief Financial Officer, I led the way in developing some of these tools. As President, I will bring them fully to life.
In light of the growing debt burden on African states, how do you propose to balance development financing and fiscal sustainability?
The single most sustainable way to manage debt is to grow income—national income, household income, business income. My approach focuses on growth with discipline. We must prioritize investments that generate returns—energy that powers factories, roads that move goods, digital platforms that unlock services. These are not expenses; they are growth engines. If we grow fast and wisely, we can outpace debt. At the same time, we must use smarter tools: blended finance, equity instruments, and risk-sharing mechanisms that reduce the reliance on public debt. I will make sure the Bank supports countries not just with money, but with models—financing that builds resilience, not vulnerability.
How do you plan to attract private investors to risky but strategic projects (e.g., cross-border infrastructure)?
Private investors are not afraid of Africa, they are afraid of uncertainty. My job is to reduce that uncertainty and increase alignment. To do that, I will build an investment environment that offers clarity, co-financing, and confidence. That means more risk-mitigation tools, better project preparation, and stronger partnerships with regional banks and local institutions. We will fast-track bankable infrastructure pipelines and promote cross-border projects that serve real demand. And we will do it with the discipline of a development bank, and the insight of an investment house. Investors want scale, visibility, and outcomes. I will give them all three.
What reforms do you plan to introduce to strengthen accountability and fight corruption within the Bank and its projects?
Accountability is not negotiable. The African Development Bank must set the standard—not just in Africa, but globally. I will lead a modernization of the Bank’s project oversight systems, using digital platforms for real-time performance tracking and better risk detection. I will reform procurement governance, especially at the regional level—where implementation delays too often take root. But beyond systems, I will lead with values. As Senior Vice President, I promoted a culture of integrity and performance. As President, I will go further—rewarding delivery, protecting whistleblowers, and ensuring that every dollar we deploy delivers impact, not inefficiency.
How can you boost regional integration, particularly through economic corridors or pan-African energy networks?
Africa will not reach its full potential if we remain a patchwork of disconnected markets. Regional integration is not optional, it is essential. I will prioritize investment in cross-border infrastructure: energy pools, trade corridors, and digital networks that allow African goods, services, and talent to flow freely. These investments must be backed by policy alignment, harmonized regulation, and political commitment. At Transnet, I led the delivery of the Port of Ngqurha gateway to regional trade. I know what it takes to build large-scale, multi-stakeholder projects. And I know that Africa’s future lies not in fragmentation, but in connected, coordinated growth.
What policies will you promote to reduce gender inequality and improve youth access to employment and entrepreneurship?
When women and young people thrive, nations thrive. This is not a social priority—it is an economic strategy. I will advance policies that unlock economic and financial empowerment for women and youth. This means financing youth-led enterprises, increasing women’s access to procurement and capital, and investing in education-to-employment pipelines in high-growth sectors like tech, green industry, and agribusiness. As a leader, I have always championed inclusion—not just in words, but through budgets, strategy, and institutional reform. Under my leadership, the Bank will not just support women and youth—we will co-create Africa’s future with them.
How can the Bank support Africa’s digital transformation (access to digital technologies, fintech, education)?
Africa’s digital leap is not a luxury—it is a necessity. And the Bank must lead that leap. I will scale investment in broadband, data infrastructure, and digital public goods that connect governments, businesses, and communities. But digital infrastructure is only part of the equation. We also need digital skills and smart regulation. That is why I will partner with the private sector to deliver digital education programs, support fintech innovators, and work with governments to build agile, secure, and innovation-friendly digital ecosystems. Africa has the talent—we must now build the tools and trust to match it.
What lessons have you learned from the COVID-19 pandemic to improve resilience to future shocks (health, food security)?
COVID-19 was a test of systems, leadership, and resilience. It revealed where Africa is strong—and where we must do better. As Chief Financial Officer during the pandemic, I led efforts to ensure financial continuity, protect the Bank’s triple-A rating, and deliver emergency support. But the deeper lesson is this: resilience must be baked into our development model, not scrambled in after a crisis hits. I will lead investments in regional health security, smart food systems, and digital infrastructure that ensures continuity of services. We must think ahead, build local capacity, and work as a continent. The next crisis must find us better prepared—and more united.
How will you strengthen collaborations with organizations like the African Union, the World Bank, or the International Monetary Fund?
We will go further, faster, if we go together. As President, I will elevate the Bank’s role as a trusted, strategic partner. With the African Union and AUDA-NEPAD, we will align around Agenda 2063—co-financing infrastructure, supporting regional integration, and advancing policy coherence.
Regionally, I will strengthen operational collaboration with institutions like Afreximbank, the Trade and Development Bank, and the Development Bank of Southern Africa. I have worked closely with them already—joint financing, project structuring, and knowledge exchange—and we will scale that momentum.
Globally, I will ensure the Bank contributes meaningfully to initiatives like the Global Sovereign Debt Roundtable, the Bridgetown Initiative, and reforms of the international financial system. Africa must shape—not just receive—the future of global finance.
What indicators will you use to measure the impact of projects financed by the Bank?
We must move from activity to accountability. Results must be visible—not only in reports, but in lives changed. The Bank has already developed important dashboards and monitoring frameworks. I will refine and streamline these, so we measure what matters—with more selectivity and strategic focus. Beyond economic growth and job creation, I will strengthen metrics in three areas:
- Social outcomes – education, health, inclusion
- Institutional capacity – governance, public investment efficiency
- Accountability and transparency – compliance, value for money, anti-corruption impact
What gets measured gets delivered. I will ensure our results are not only counted—but felt across the continent.
How do you plan to reconcile geopolitical positions between regional and non-regional member states to preserve the unity of the Bank?
Unity cannot be taken for granted—it must be built, nurtured, and earned. As President, I will create a dedicated high-level role focused on shareholder engagement—ensuring regular, structured dialogue with both regional and non-regional members. We will anticipate tensions, surface differences early, and create space for collaborative problem-solving. The African Development Bank must remain a neutral, trusted platform. I have chaired complex negotiations and led oversight at the highest levels of governance. I will bring those skills to this office—ensuring that all voices are heard, and that consensus is built through shared progress.
What message would you send to Africans who doubt the ability of financial institutions to meet their urgent needs?
To every African who has waited—for power, for opportunity, for a fair chance—I hear you. I see the doubt. But I also see what is possible. Under my leadership, the African Development Bank will be more than a name on a building. It will be a presence in people’s lives. A bridge that connects ideas to impact. A partner that delivers—roads, energy, jobs, dignity. I am not here to manage expectations. I am here to raise them—and to meet them. This is our time. And the Bank I lead will prove that every single day.
