Dr Akinwumi Adesina re-elected as African Development Bank Group president

KUALA LUMPUR, Aug 28 -- Dr Akinwumi A. Adesina was re-elected to serve a second five-year term as president of the African Development Bank Group by the board of governors of the bank.

According to a statement, he was first elected as president of the bank on May 28, 2015.

As newly re-elected president, Dr Adesina, a former Nigerian Minister of Agriculture, will begin his new term on this Sept 1.

The election result, which gave him 100 per cent of votes of all regional and non-regional members of the Bank, was announced by the chairperson of the board of governors of the bank, Niale Kaba, Minister of National Planning of Côte d’Ivoire.

Adesina's 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; Industrialise Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.

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 per cent increase in the general capital of the bank, raising its capital from US$93 billion to US$208 billion, the largest in the history of the bank (US$1 = RM4.171).

Under his leadership, the African Development Bank’s board of directors approved a US$10 billion facility to support African countries to address the COVID-19 pandemic.

The bank also launched a US$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.

-- BERNAMA