The ceremony was also witnessed by other dignitaries including Côte d’Ivoire’s President Alassane Ouattara, Alpha Condé of Guinea, Muhammadu Buhari of Nigeria, George Weah of Liberia, and others.
On Thursday, August 27, 2020, Nigerian Dr. Akinwumi Adesina, 60, was elected to lead the African Development Bank (AfDB) in the second term of five years.
President Kagame praised AfDB ’s achievements in the first five-year term of Dr.
Adesina, wishing him new and good luck in his five-year term, which will end in 2025.
"Over the past five years, he has led the bank in integrity and solidarity, through key projects in the fields of agriculture, energy, infrastructure, education, and technology that bring it all together," he said.
He added that in the years of Dr. Adesina’s second term there are even better expectations, assuring him of all possible support for this term he is going to lead, especially as it contains barriers due to the Coronavirus pandemic that has devastated all sectors.
President Kagame commended the African Development Bank for its significant role in highlighting the need for Africa’s contribution and interest to the world today at risk of the Coronavirus pandemic.
Dr. Adesina was elected to chair the AfDB for the first five-year term at a meeting of the bank’s Governors in Abidjan on May 28, 2015. He is the eighth President of the bank, the first from Nigeria.
In his remarks, Adesina said there has been a lot of progress over the past five years, but there is more to be done, especially as the whole world is now facing the Coronavirus pandemic.
“Coronavirus pandemic has changed everything in the world. It has slowed down the African economy. The continent has lost economic development that it achieved for over 10 years. The journey to Africa will be long and difficult.”
He added that the African continent should be helped to rebuild, especially in the areas of health, climate, and the environment.
Dr. Adesina went on to say that the Coronavirus pandemic has opened up new opportunities and highlights what needs to be addressed first of all to build a strong African industrial sector and take steps to help in the implementation of the African Common Market.
In his first term, in October last year, AfDB shareholders approved a $ 108 billion capital increase, from $ 93 billion to $ 208 billion. It gave a strong signal of the willingness of the governors of this bank to develop it.
Over the past five years, AfDB has transformed the lives of 335 million Africans, including 18 million who have been provided with electricity, 141 million provided with food security through agriculture, 15 million provided with development funds, 101 million provided with transportation, and 60 million provided with assistance to access to water and sanitation services.
The AfDB fund has received $ 7.6 billion from donors as an aid to developing countries. Under Dr. Adesina’s leadership, AfDB has pledged $ 10 billion to help African countries affected by the COVID-19 pandemic.
The African Development Bank has also continued to retain the AAA rating awarded by research institutes in the financial sector. Its board has approved an additional 125 percent of its capital budget, from $ 93 billion to $ 208 billion.
Adesina is an economist who has worked in various international positions including the Rockefeller Foundation and has been Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015 and other positions.