The African Development Bank (AfDB) will elect a new president this week during its annual summit in Abidjan, Ivory Coast, as it faces a major funding cut from the United States.
The U.S. government plans to reduce its support by $555 million, affecting the African Development Fund (ADF), the bank’s concessional arm that offers low-cost loans to Africa’s poorest countries.
This move has raised concerns among development experts, who fear it could impact key projects in infrastructure, health, and education.
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The AfDB, Africa’s largest multilateral lender, is jointly owned by 54 African nations and non-regional partners including the U.S., Japan, and several European countries.
Nigeria is the largest African shareholder. The bank runs on a replenishment cycle, with the next round of funding talks scheduled for November.
The leadership change comes at a critical moment. The new president will be expected to quickly address the financial gap. Options include engaging the U.S. to reverse the decision, seeking funds from non-African partners like China or Gulf states, or increasing contributions from African countries.
Five candidates from South Africa, Senegal, Zambia, Chad, and Mauritania are contesting to replace outgoing President Akinwumi Adesina, who ends his second term in September. The election is set for Thursday.
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To win, a candidate must secure a majority of votes from both African member states and the full 81-member constituency, which includes non-African shareholders.
This week’s summit brings together African heads of state, finance ministers, and central bank governors. The outcome of the election is expected to shape the bank’s response to rising economic and political pressures.
The funding cut is not the only challenge. The return of Donald Trump as U.S. president has added uncertainty to Africa’s relations with donor countries.
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Many key partners have already reduced bilateral aid, and there are fears multilateral institutions like the AfDB could be next.
