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Zambia’s candidate for the African Development Bank (AfDB) presidency, Dr Samuel Maimbo, will learn his fate this week as the continental lender prepares to elect a new leader during its annual meetings in Abidjan, Côte d’Ivoire.
Maimbo is one of five contenders vying for the position, competing against candidates from South Africa, Senegal, Chad, and Mauritania.
The Zambian nominee, a seasoned development finance expert, has campaigned on a platform calling for a shift from traditional reliance on aid and debt towards a more sustainable, collaborative, and investment-driven approach to financing Africa’s economic transformation.
AfDB is expected elect a new president at its annual meetings in Abidjan, Côte d’Ivoire, as the institution faces growing financial strain following a proposed funding cut by the United States.
The U.S. federal government is planning to slash its contributions by US$555 million to both the AfDB and its concessional lending arm, the African Development Fund (ADF), which supports low-income African countries through low-interest loans.
“This is going to be a major task and effectively the new president’s first test,” said Hannah Ryder, founder of the Africa-focused consultancy Development Reimagined, as quoted by Reuters.
The high-level gathering has drawn African Heads of State, finance ministers, and global development leaders to Abidjan, one of the continent’s key financial summits.
The AfDB is owned by 54 African nations and several non-African shareholders including the U.S., China, and Japan, with Nigeria holding the largest stake.
With the next ADF replenishment round scheduled for November, the bank faces urgent decisions on how to fill funding gaps.
Ryder said the incoming president will need to persuade the U.S. to reinstate its support, secure new contributions from non-regional partners such as China and the Gulf states, or encourage African member countries to raise their shareholding.
Five candidates — from South Africa, Senegal, Zambia, Chad, and Mauritania — are contesting to replace outgoing president Akinwumi Adesina, who completes his second and final term in September.
The winner will be determined through a dual-vote process requiring a simple majority (50.01%) from African shareholders and a separate majority vote among the bank’s 81 total members.
The election result is expected to be announced on Thursday.
The leadership transition comes amid a volatile global economic climate, including the return of Donald Trump to the White House and increasing U.S. tariffs, developments analysts say are shaping donor policies toward Africa.
“We expect the meeting to focus on the implications of global events, especially shifts in U.S. policy,” said Fred Muhumuza, a lecturer at Makerere University Business School in Kampala.
Muhumuza stated that: “Many key contributors have already scaled back bilateral support to African nations.”
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