Mauritania’s former economy minister Sidi Ould Tah took office Monday as head of the African Development Bank, vowing to build a “robust and prosperous” continent despite US aid cuts.
The AfDB is one of the world’s largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans.
Tah, however, takes over at a tricky time for the institution, as President Donald Trump’s administration plans to cut $500 million in funding for AfDB projects supporting low-income countries.
Speaking after he was sworn in at the bank’s headquarters in Abidjan, Ivory Coast, Tah said he was committed to continuing “the mission that unites us: building a robust and prosperous Africa”.
Africa’s new “super banker” listed the challenges the continent faces: reductions in foreign development aid, massive debt and the impact of climate change.
“The eyes of Africa are on us, the youth is waiting, the time is for action,” Tah said, stressing the importance of peace to achieve development goals.
Tah said during his campaign that the bank should look for other sources of funds, notably from Gulf countries, as the United States withdraws foreign aid.
The 60-year-old was Mauritania’s economy minister from 2008 to 2015 before heading the little-known Arab Bank for Economic Development in Africa for a decade.
Tah was elected in May to succeed Nigeria’s Akinwumi Adesina as head of the AfDB.
