Zambian Banker Launches Bid for Top African Development Bank Post.
Samuel Maimbo of Zambia has announced his candidacy for president of the African Development Bank (AfDB), pledging to help transform the continent into a middle-income region.
Maimbo enters the race with backing from two major regional blocs: the Southern African Development Community and the Community for Eastern and Southern African States. He highlighted his experience securing a $90 billion financing package through the International Development Association.
"Africa stands at a critical juncture," Maimbo said from Lusaka. "We need one billion people to work as fast as possible by supporting industries that will improve lives and create prosperity on our continent."
The AfDB maintains a triple-A credit rating from major agencies Moody's, Standard & Poor's, and Fitch. The bank will select its new leader in May 2025 to replace Nigeria's Akinwumi Adesina, who finishes his term in October. Bank rules prevent Adesina from seeking another term.
If successful, Maimbo would become the second Zambian to lead the bank since Wila Mungomba served from 1980 to 1985. Leaders from across Africa have held the position: Senegal's Babacar Ndiaye (1985-1995), Morocco's Omar Kabbaj (1995-2005), Rwanda's Donald Kaberuka (2005-2015), and current president Adesina.
South Africa, the bank's third-largest African shareholder after Nigeria and Egypt, had previously supported its candidate, Bajabulile Tshabalala, a former AfDB vice president.
Samuel Maimbo of Zambia has announced his candidacy for president of the African Development Bank (AfDB), pledging to help transform the continent into a middle-income region.
Maimbo enters the race with backing from two major regional blocs: the Southern African Development Community and the Community for Eastern and Southern African States. He highlighted his experience securing a $90 billion financing package through the International Development Association.
"Africa stands at a critical juncture," Maimbo said from Lusaka. "We need one billion people to work as fast as possible by supporting industries that will improve lives and create prosperity on our continent."
The AfDB maintains a triple-A credit rating from major agencies Moody's, Standard & Poor's, and Fitch. The bank will select its new leader in May 2025 to replace Nigeria's Akinwumi Adesina, who finishes his term in October. Bank rules prevent Adesina from seeking another term.
If successful, Maimbo would become the second Zambian to lead the bank since Wila Mungomba served from 1980 to 1985. Leaders from across Africa have held the position: Senegal's Babacar Ndiaye (1985-1995), Morocco's Omar Kabbaj (1995-2005), Rwanda's Donald Kaberuka (2005-2015), and current president Adesina.
South Africa, the bank's third-largest African shareholder after Nigeria and Egypt, had previously supported its candidate, Bajabulile Tshabalala, a former AfDB vice president.
