Helping Africa battle smart and defeat the ongoing Covid-19 pandemic is one of the missions of Nigerias Akinwumi Adesina, 60, following his re-election as the President of the African Development Bank (AfDB) for a second five-year term, on Thursday, August 27. The election took place electronically on Thursday at the virtual annual general meeting of the bank. The Nigerian’s reappointment at the helm of the 56-year-old bank was a formality as he was the sole candidate. I look forward to working closely with each and every one of you for the urgent and difficult task ahead of supporting Africa to build back, better, smarter, and boldly from the Covid-19 pandemic, Adesina said in his closing speech during the 2020 Annual Meetings of the African Development Bank Group. Myself, the Board of Directors, Senior Management and Staff of the Bank will need each and every one of you - our shareholders, collectively, in support for the Bank to play this leadership role. The 2020 Annual Meetings of the Bank discussed, among others, ways in which the Bank will support Africa to rebuild, better and stronger, from the effects of the Covid-19 pandemic, as well as how to achieve long-term financial sustainability of the Bank. Adesina, formerly Nigeria’s Minister of Agriculture and Rural Development, was first elected as the 8th President of the African Development Bank on May 28, 2015. He succeeded Donald Kaberuka of Rwanda, and assumed duty on September 1, 2015 in Abidjan. Under the Nigerian’s leadership, the 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. Adesina is a distinguished development economist and agricultural development expert with more than 20 years of international experience. According to the AfDB, Adesinas first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa. During his first term, the Bank achieved impactful results on the lives of 335 million Africans, including 18 million people with access to electricity; 141 million people benefiting from improved agricultural technologies for food security; 15 million people benefiting from access to finance from private investments; 101 million people provided with access to improved transport; and 60 million people gaining access to water and sanitation. The Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group approved a 125% increase in the General Capital of the Bank, raising its capital from $93 billion to $208 billion, the largest in the history of the Bank. The African Development Fund received a $7.6 billion pledge from donors, a 32% increase, for support to low-income countries and fragile states. The Bank was ranked the 4th most transparent institution globally by Publish What You Fund, bolstering its strong governance credentials for transparency and accountability.
