AfDB Awaits New Leader Amid Global Funding Shifts

The African Development Bank (AfDB) is set for a leadership shake-up this week as it prepares to elect a new president. With Dr Akinwumi Adesina reaching the end of his two-term limit, contenders from Senegal, South Africa, Zambia, Chad and Mauritania are now vying for the top job. The winner, however, won’t just inherit a powerful title — they’ll also be handed a complex mix of geopolitical and financial challenges.

To secure the seat, a candidate must win at least 50.01% of the votes from the AfDB’s 54 African member states. That’s only the first hurdle. A second majority vote is required from all 81 members, which includes global powerhouses like the United States and Japan. The result is expected to be announced Thursday, setting the tone for what could be a defining era for the bank and its influence across the continent.

Big Job, Bigger Expectations

The AfDB isn’t just any institution. It’s the largest development finance entity focused solely on Africa, with ownership shared among African countries and non-African partners like the G7 nations. Nigeria holds the biggest share, underscoring its weight in the decision-making process. But while internal politics are already in play, external pressures loom just as large.

According to Reuters, the United States has proposed slashing $555 million from its contributions to the AfDB and the African Development Fund. That potential cutback presents a huge obstacle for whoever assumes office. The incoming leader will likely need to woo not just the U.S., but other influential non-regional partners such as China, Saudi Arabia, and the United Arab Emirates. These countries could be approached for support — but such funding might come at the cost of increased influence.

Hannah Ryder, founder of the consultancy Development Reimagined, described the funding dilemma as a critical test. “This is going to be a major task, and it is effectively the new president’s first test,” she said.

High Stakes, Global Implications

Experts believe the outcome of this election goes beyond internal restructuring. Fred Muhumuza, a lecturer at Makerere University Business School, told Reuters that the AfDB’s future will also depend on how it navigates growing global tensions and shifting donor interests. “Many of the key contributors have been cutting bilateral support to African countries,” he explained, referencing ongoing geopolitical shifts influenced by former U.S. policies.