With the coming to an end of the colonial period in Africa, there was a growing desire for unity within the continent and a need to fast-track the development of the continent. This led to the establishment of two draft charters: one for the establishment of the Organization of African Unity, which was established in 1963 (later renamed African Union), and one for a regional development bank, which brought about the establishment of the African Development Bank (AfDB).
The AfDB was established on August 4, 1963, when 23 African governments co-signed, the agreement establishing the bank in Khartoum, Sudan. The agreement came into force on September 10, 1964, and the bank began effective operations on July 1, 1966. The first president of the AfDB was Mamoun Beheiry from Sudan, who served from 1967 to 1970.
Since then, the bank has evolved to become the leading development financial institution in Africa, with a primary mission to combat poverty and enhance living conditions on the continent through investments in projects and programs that promote economic and social development. To achieve this, the AfDB is structured into three entities, namely the African Development Bank, the African Development Fund, and the Nigeria Trust Fund.
Since its establishment, the AfDB has made steady progress and contributed meaningfully to development projects across the continent. However, perhaps the period in which it experienced its most rapid transformation is in the recent past under the leadership of its outgoing President, Dr. Akinwumi Adesina.
Dr. Akinwumi Adesina has been at the helm of the African Development Bank (AfDB) since 2015, when he emerged as its 8th elected President. During this period, he has overseen significant transformations that established his legacy as a champion of Africa’s development. Under his leadership, the bank achieved the largest capital increase in its history, growing it’s capital base from $93 billion to $318 billion, a testament to his leadership and vision while also securing a record $8.9 billion replenishment for the African Development Fund, demonstrating his ability to mobilize resources for Africa’s development.
Adesina also introduced the “High 5s” development priorities, focusing on improving access to energy, enhancing food security, promoting economic diversification, fostering regional integration, and enhancing human capital development across the continent. As a result of these initiatives, over 565 million Africans benefited from the bank’s investments under Adesina’s leadership, transforming lives and futures. Adesina’s response to the Covid-19 pandemic was no less remarkable as he led the bank to launch a $3 billion Covid-19 Social Bond and a $10 billion Crisis Response Facility, which helped the continent to navigate the rigors associated with coping with the pandemic
As Adesina prepares to hand over the reins on September 1, 2025 to Sidi Ould Tah of Mauritania, the incoming president has a very big shoe size to fit as he is expected to not only sustain the growth momentum of the bank, he is also expected to leverage on it to continually drive the continent’s development agenda while also finding the courage to be a leading voice in advocating for Africa’s interests in global affairs and thus ensuring that the continent’s voice is heard.
Given Sidi Ould Tah’s over 35 years of experience in African and international finance, inclusive of his tenure as president of the Arab Bank for Economic Development in Africa (BADEA) 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, and his experience as a former minister of economic affairs and finance in Mauritania, there is no doubt that he has the requisite experience and performance track record to deliver on expectations as he takes the driver’s seat in Africa’s premier development financial institution. Congratulations to Sidi Ould Tah.
Oshobi, a development economist, management consultant, and author, writes from Lagos, Nigeria.