Ahead of the election scheduled to hold during the African Development Bank Bank’s Annual Meetings in May 2020 in Abidjan, Cote d’ivoire, Dr. Akinwumi Adesina’s candidacy has received endorsement from the Executive Council of the African Union for a second term as the bank’s President.
The decision was taken during the thirty-sixth Ordinary Session of the AU Executive Council held during the AU Summit in Addis Ababa in Ethiopia from February 6 to 7.
Adesina was elected to his first term as President by the bank’s Board of Governors at its Annual Meetings in Abidjan on May 28, 2015. He is the eighth President of the African Development Bank Group and the first Nigerian in that capacity.
During his first term, the bank’s shareholders approved a landmark $115 billion capital increase in October 2019. The increase in the capital base, from $93 billion to $208 billion, signaled strong support from the Board of Governors in the continent’s foremost financial institution.
Adesina is a renowned development economist who has held a number of high-profile international positions. He has worked with the Rockefeller Foundation and served as Nigeria’s Minister of Agriculture and Rural Development between 2011 and 2015.
The African Union Executive Council comprises 55 ministers of foreign affairs representing the member states of the African Union.
In December 2019, the Economic Community of West African States (ECOWAS) also endorsed Adesina for a second term as the bank chief.
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