Nouakchott – Former Mauritania Finance Minister and candidate for the Chairman of the African Development Bank (AFDB) Sidi Ould Tah has pledged internal reforms in the regional development agency if elected at the upcoming Governor’s Conference in Abidjan. Tah said there is a need to improve the bank’s key functions, such as reducing the time frame for project implementation and attracting the necessary talent.
The economist, who previously headed the Arab Bank of Africa (BADEA), spoke at a wealthy press conference held in Noagcott on Tuesday, May 6th. The Northwest African nations have gathered behind their fellow countrymen as they officially declared their intention to lead the AFDB at the beginning of the year.
Prior to Tuesday’s press conference, Minister Bouh spoke about a gathering of Mauritania stakeholders and supporters of TAH’s candidacy to present “real opportunities” to the African and the African Development Bank. The minister said he visited many countries, including South Africa and the US, to help build support as a special envoy for the candidate.
At a press conference on Tuesday, Tar outlined four major pillars that form the basis of his leadership, including expanding funding for development and strengthening financial architecture on the continent. “Obviously, the amount of funding is far below what we need,” he said, noting that the continent needs require more than US$400 billion in funding.
AFDB’s retired President Akinwumi Adesina is believed to have implemented the largest capital increase ever in the history of the bank – in 2015 he took over in 2015 to $318 million. TAH acknowledged that future tasks are difficult but not impossible, as “a lot of tools” are available to upgrade bank funding through “Tenfold.”
The former head of Badea sought synergies amongst African financial institutions, such as the AFDB and other developmental financial institutions. According to analysts, inadequate infrastructure, limited access to financial services, and regulatory hurdles are one of the myriad challenges these agencies face, and how to tackle TAH is a testament to his leadership skills, if elected.
One sector known for announcements by Mauritanian in recent weeks is the rise in the continent’s youthful demographics, with journalists saying it presents both opportunities and risks. He emphasized that “most of our schools do not provide the education needed for the skills needed on the continent,” and said that the education system needs to be changed to meet current reality.
He said the focus should be on technical and vocational education that will enable young people to use their acquired skills for development. “Youth need to be encouraged to work outside of their office environment,” Tar said.
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The use of artificial intelligence for climate change and development was also emphasized as the “future pillar” of AFDB’s TAH policy formulation. According to Africa, he said Africa is part of the world and therefore faces the same set of climate challenges.
To cover the event by journalists from various news organizations in Nouakchott, Tah took advantage of the opportunity to highlight the importance of the media and the need for a strong relationship with the AFDB. He said the media could provide positive feedback on the effectiveness of bank activities in member states.
Tah believes that the media will also be useful for developing AFDB due to the nature of reporting. “We should work with the media to change negative narratives,” he said, but he said the media could be an effective partner in raising awareness when dealing with challenges across the continent, such as the pandemic.
The other four candidates challenging the presidency are Senegal’s Amadou Hot, the country’s former economic planning minister. Zambia’s Samuel Munsel Maimbo is the vice president of the World Bank. South Africa’s Bajabulile Swazi Tshabala has stepped down from her role as Senior Vice President of AFDB and is the only female candidate seeking top job. Abbas Mahamato Tori of Chad was an economist and former governor of the Bank of Central Africa.
