Mauritania’s former Minister of Economy Sidi Ould Tah took office on Monday as head of the African Development Bank, vowing to build a “robust and prosperous” continent.
The AfDB is one of the world’s largest multilateral development banks and is funded by member subscriptions, loans raised on global markets as well as repayments and income from loans.
Tah, however, takes over at a tricky time for the institution, as President Donald Trump’s administration plans to cut $500 million in funding for AfDB projects supporting low-income countries.
Speaking after he was sworn in at the bank’s headquarters in Abidjan, Côte d’Ivoire, Tah said he was committed to continuing “the mission that unites us: building a robust and prosperous Africa”.
‘Time for action’
