Dr Akinwumi A. Adesina has been re-elected to serve a second five-year term as President of the African Development Bank Group on Thursday, August 27, 2020, by the Board of Governors of the Bank.
A globally-renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate Africa’s development. He was first elected as President of the Bank on May 28, 2015.
Earlier this year, in February 2020, Dr Adesina also emerged African of the Year in the 8th African Leadership Magazine Persons of the Year Award polls. The annual African Leadership Magazine Persons of the Year Award polls is a leading vote-based third-party endorsement in the continent, which has, in the last eight years, become a referendum by Africans on purposeful and impact-oriented leadership in the continent.
As newly re-elected President, Dr Adesina, a former Nigerian Minister of Agriculture, will begin his new term on September 1, 2020.
The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board of Governors of the Bank, Mrs Niale Kaba, Minister of National Planning of Côte d’Ivoire.
The election took place on the final day of the 2020 Annual Meetings of the African Development Bank Group, which was held virtually for the first time in the Bank’s history.
Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a $10 billion facility to support African countries to address the COVID-19 pandemic. The Bank also launched a $3 billion COVID-19 social bond on the global capital markets, the highest US dollar-denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.
Speaking, Adesina said, “I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President. It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”
“The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank Group. We will build on the strong foundations of success in the past five years, while further strengthening the institution, for greater effectiveness and impacts,” Adesina said.