SADC backs Zambia's Samuel Maimbo for AfDB Presidency

The race to lead the African Development Bank (AfDB) is intensifying after the Southern African Development Community (SADC) officially threw its weight behind Zambia's Samuel Munzele Maimbo for the presidency of the institution.

This endorsement came during the 44th Ordinary Summit of SADC leaders in Harare, Zimbabwe on Sunday.

Maimbo, currently serving as the Vice President of Budget Performance Review and Strategic Planning at the World Bank Group, was chosen after a rigorous selection process and will now represent SADC as their sole candidate in the upcoming AfDB elections, scheduled for May 2025.

Maimbo's distinguished career also includes a tenure as the Chief of Staff in the Office of the President of the World Bank Group, highlighting his vast experience in global financial institutions.

Fierce contest

The contest to succeed Nigeria's Akinwumi Adesina, who has led the AfDB since 2015, is expected to be fierce.

Adesina, a former Nigerian Agriculture Minister, is widely praised for his dynamic leadership and his efforts to strengthen the bank's role in promoting sustainable development across Africa.

His term will conclude next year, making way for a new leader to take the helm.

Applications for the AfDB presidency will open in September 2024, with candidates expected to submit their entries by January 2025.

The AfDB, established in 1964, plays a pivotal role in Africa's development, providing loans and grants to governments and private entities.

The bank's mission focuses on funding projects that enhance infrastructure, reduce poverty, promote sustainable development, and foster regional integration.

It also supports governance reforms and the growth of the private sector across the continent.

Maimbo's candidacy marks a significant moment for Zambia and the SADC region, as they aim to bring their vision for Africa's future to the forefront of the AfDB's leadership.