London
17 °C
Manchester
13 °C
Glasgow
Dublin
11 °C
Belfast
Washington
17 °C
Denver
27 °C
Atlanta
Dallas
Houston Texas
New Orleans
El Paso
Phoenix
Los Angeles
22 °C
20 °C
18 °C
17 °C
26 °C
Sidi Ould Tah: Africa's new 'super banker' / Photo: Issouf SANOGO - AFP
NYSE - LSE
Sidi Ould Tah: Africa's new 'super banker'
Sidi Ould Tah is the first Mauritanian to become president of the African Development Bank (AfDB) and will need all his international experience to tackle the challenges facing the institution.
The 60-year-old economist was the last to declare his candidacy for the post and ran a whirlwind campaign during which he highlighted his 10 years as head of the Arab Bank for Economic Development in Africa (BADEA).
He claimed to have transformed it from an institution "unknown to rating agencies" to one of the highest-rated development organisations in Africa.
"I have demonstrated my transformative leadership style that has elevated the bank to the level of a leading player in the African development landscape," he said in his application statement to the AfDB.
A discreet man who speaks sparingly, his style will be a clear contrast with his flamboyant predecessor, Nigeria's Akinwumi Adesina.
Tah's programme is based on four main points: strengthening regional financial institutions; asserting Africa's financial independence in global markets; leveraging demographic dynamics as a development tool; and building resilient infrastructure to climate change.
His entourage is touting his ability to replicate his successes at the BADEA at a larger institution like the AfDB, which has $318 billion in capital.
"The AfDB has to abandon traditional bureaucratic models for a more fluid approach based on results," he said.
- African legitimacy -
Tah, who was Mauritania's economy minister from 2008 to 2015, is calling for a "break with the approaches of the past", in a world where the "challenges and opportunities of Africa have taken a new dimension".
The new AfDB president speaks French, English, Arabic and Wolof, which is spoken in several west African countries.
He managed the impressive feat of rallying diplomatically diverse supporters behind his candidacy, from Sahel countries such as Mali to France.
His score of more than 72 percent among African voters gives him continental legitimacy. His entourage claimed before the vote he had support from the very first round from all African regions.
US President Donald Trump's administration has vowed to suspend $500 million in aid to the AfDB, but Tah has argued other financial backers such as Gulf countries could step in.
On environmental questions, he intends to promote Africa's natural resources to move towards a "viable energy transition, reconciling economic and environmental imperatives".
"Even though Africa is a minimal contributor to global CO2 emissions, it bears the full brunt of the effects of climate change," he said.
"It is therefore imperative to integrate sustainable practices and to harness renewable energy in development projects."
Tah holds a master's degree in economics from the University of Nouakchott in his native Mauritania and a doctorate from the University of Nice in France.
S.Abato--INP
