Al-Mashat:
• We wish the AfDB President success in supporting Africa's development journey, which is undergoing a crucial phase.
• We are keen to advance the continent's issues in international forums and support coordination among international financial institutions to achieve Africa's development priorities.
H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, congratulated H.E. Dr. Sidi Ould Tah on his election as the new President of the African Development Bank (AfDB) Group.
The AfDB presidential elections were held as part of the Annual Meetings in Abidjan, Côte d'Ivoire, marking the beginning of a five-year term for the new president of the bank.
Dr. Ould Tah was elected by the Bank's Board of Governors, which comprises Ministers of Finance and Economy and Central Bank Governors from the Bank Group's 81 regional and non-regional member countries. The Board is the highest decision-making authority within the Bank Group.
H.E. Dr. Rania A. Al-Mashat pointed out that Sidi Ould Tah's election to lead the African Development Bank Group comes at a crucial and vital time when the African continent faces enormous development challenges. These challenges are exacerbated by global economic uncertainties, climate change, and the strong tests multilateral cooperation is undergoing due to protectionist trade policies that are casting a shadow over the global economic situation.
H.E. Dr. Rania A. Al-Mashat added: "We wish the AfDB President success in his new duties and in supporting the 2063 Agenda for Development in Africa and the United Nations Sustainable Development Goals, leveraging his extensive experience of a 10-year tenure as President of the Arab Bank for Economic Development in Africa."
H.E. Dr. Al-Mashat expressed aspiration for increased constructive and fruitful cooperation and partnership between the Arab Republic of Egypt and the African Development Bank Group in the coming period. This collaboration aims to maximize development efforts in line with national priorities and to further support and empower the private sector.
Ould Tah, a Mauritanian economist, boasts over 35 years of experience in African and international finance. He served as the President of the Arab Bank for Economic Development in Africa (BADEA) for ten years starting in 2015, where he led a comprehensive transformation that quadrupled the bank's balance sheet.
Under Ould Tah’s leadership, BADEA also secured excellent credit ratings in 2024, positioning it among the top development banks focused on Africa. Moody's raised BADEA's rating to Aa1, and the long-term rating was confirmed at AAA with a stable outlook by the Japan Credit Rating Agency (JCR).
He also played a pivotal role in strengthening Arab-African cooperation and advancing strategic initiatives aimed at accelerating economic growth, enhancing food security, supporting the transition to sustainable energy, and developing infrastructure in Africa.
H.E. Minister Al-Mashat expressed appreciation for Dr. Akinwumi Adesina, the former President of the Bank, for his endeavors over 10 years during which he strived to advance development efforts on the continent and strengthened the partnership between the Arab Republic of Egypt and the African Development Bank across various areas.
It is worth noting that the African Development Bank Group comprises three entities: the African Development Bank, the African Development Fund, and the Nigeria Trust Fund. Its contributing countries include 54 African or regional member countries and 27 non-African or non-regional member countries.
Sidi Ould Tah is the new President of the African Development Bank Group, following Dr. Akinwumi Adesina, who served as President of the Bank from 2015-2025.