Garikai Fadzi in ADDIS ABABA, Ethiopia
SADC chairperson President Mnangagwa yesterday formally introduced Dr Samuel Maimbo as the SADC and COMESA-endorsed candidate for the African Development Bank (AfDB) presidency.
The President co-chaired the endorsement event here last night alongside Zambian President Hakainde Hichilema and Burundian President General Évariste Ndayishimiye, who is also the chairperson of COMESA.
In his address, President Mnangagwa highlighted the critical role of the AfDB leadership in tackling Africa’s challenges, particularly in the face of climate change, and food security, energy access and financial innovation issues.
“The new leadership of our premier development finance institution is being sought at a time when the world and particularly our continent is faced with numerous challenges, but equally greater possibilities and opportunities,” said the President.
“In the wake of the dire impact of climate change, the need to consolidate sustainable agriculture and food systems across our countries, enhance energy access, expand climate-smart infrastructure, as well as deepen financial innovation, remain critical areas for our development bank going into the future.”
He described Dr Maimbo as Africa’s best foot forward.
“As such, the long enduring spirit of Pan-Africanism and principle of ‘African solutions to African problems’ remains our guiding beacon,” he added.
“We are, thus, confident that Dr Samuel Maimbo’s professional pedigree will carry forward the work of preceding leaders of the African Development Bank.
“The task at hand is to help take this strategic entity and our continent closer to the realisation of AU Agenda 2063 and the Africa we all want and indeed deserve.
“We are buoyant that Dr Maimbo will deliver.”
A Zambian national, Dr Maimbo is currently the World Bank Group vice president responsible for budget, performance review and strategic planning.
His role involves aligning the World Bank’s budget with strategic priorities, financial sustainability and efficiency targets.
He is among five candidates from different African nations vying for the AfDB presidency, which will be decided on May 29, 2025 in Abidjan, Cote d’Ivoire.
The election will mark the transition from incumbent President Dr Akinwumi Adesina, who has led the bank since 2015 and was re-elected in 2020 for a second five-year term.
The AfDB president will be charged with shaping Africa’s financial future and tackling key challenges such as climate change, infrastructure development and economic transformation.
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The outcome of this election will determine the bank’s direction and its role in financing Africa’s development.
The bank provided Zimbabwe’s private sector with US$55 million in lines of credit between 2023 and 2024, underscoring its importance in regional development.
During his tenure, Dr Adesina was a strong advocate of Zimbabwe’s debt resolution programme, working alongside former Mozambique President Joaquim Chissano to facilitate Zimbabwe’s debt resolution and arrears clearance plan, as well as re-engagement with international creditors.
Speaking at the event, Dr Maimbo pledged to champion bold financial decisions and stronger partnerships for Africa’s benefit.
“The endorsement comes at a time when I am so confident about the continent’s future,” he said.
“Africa needs a bank keen to make bold decisions on behalf of its shareholders.
“It has to be an AfDB which is not shy of partnering with other banks to achieve its goals.”
He also emphasised the need for the AfDB to collaborate with private sector players and proposed establishing an African equivalent of the Paris Club to address debt challenges.
“Global financing systems are not meant for Africa. We must create our own solutions,” he added.
President Hichilema thanked his counterparts for endorsing Dr Maimbo, emphasising the need to boost intra-African trade and reduce economic dependency on external markets.
“Africa has been short-changed,” said President Hichilema.
“We pay three times more than others.
“We want to trade with each other since we are exporting capital.”
