The African Development Bank (AfDB) has elected as its new president Mauritania’s Sidi Ould Tah, a former finance minister who recently stepped down as the president of the Arab Bank for Economic Development in Africa (BADEA).

Tah, 60, defeated four other candidates to lead one of the most important multilateral institutions on the continent. He was elected with 76.2% of the vote in the third round of voting, the AfDB’s board of governors said on Thursday (May 29) at the bank’s Annual Meetings in Abidjan, Côte d’Ivoire.

He is replacing Nigeria’s Akinwumi Adesina, who steps down on September 1 after a serving two five-year terms in the position.

“The election of a new president comes at a crucial time in the Bank Group’s six decades of existence,” the AfDB said in a statement.

“Africa has remained resilient despite climate shocks, economic disruption, and a shifting geopolitical landscape, but needs to move faster or risk falling behind on delivering on the African Union’s Agenda 2063 and the Sustainable Development Goals, summed up in the Bank Group’s High 5’s [Feed Africa, Light up and power Africa, Integrate Africa, Industrialise Africa, and Improve the quality of life for Africans].”

Tah served as president of BADEA, which is owned by 18 member countries of the Arab League, for 10 years from 2015, “where he led a full transformation that quadrupled the bank’s balance sheet, secured a AAA rating, and positioned it among the top-rated development banks focused on Africa,” the AfDB said.

The AfDB also holds an AAA rating, giving it prime access to capital markets. Under Akinwumi Adesina’s leadership, the bank saw the biggest capital increase in its history — from $93bn in 2015 to $318bn now.

But Tah faces a tough international economic environment, not least owing to US President Donald Trump's tariff announcements. The AfDB also faces the threat of losing $555mn in US funding for its projects to support low-income countries in Africa.

During his campaign to lead the bank, Tah said he would steer the AfDB to tap the estimated $2 trillion held by pension funds on the continent. Potential new partnerships, Bloomberg writes, include those with Gulf countries such as Qatar and the United Arab Emirates, “which have expanded their economic footprint across Africa in recent years.”

The African Development Bank Group comprises three entities: the AfDB, the African Development Fund and the Nigeria Trust Fund. Its shareholder countries include 54 African countries or regional member countries, and 27 non-African countries or non-regional member countries.