LIVE UPDATES
The government of South Africa has shown its support for financial strategist and former Senior Vice President of the African Development Bank (AfDB), Swazi Tshabalala, who has recently announced her candidacy for the presidency of the Bank.
The South African Minister of Finance, Enoch Godongwana, reiterated his backing, stating that her leadership would drive accelerated economic transformation across Africa.
"Tshabalala is an outstanding leader with a solid track record in finance, infrastructure, and economic development. Her vast experience at the African Development Bank and elsewhere makes her the perfect candidate to guide the institution into a new phase of financial sustainability and growth focused on impact," he mentioned.
"South Africa fully endorses her candidacy and believes that under her guidance, the AfDB will enhance its role in facilitating Africa's economic transformation and creating opportunities for all its citizens."
With over 30 years of experience in infrastructure finance, hybrid capital solutions, and economic development, Tshabalala envisions a financially robust, results-oriented AfDB prioritizing transformative growth.
She has been instrumental in securing funds for Africa’s pressing developmental challenges, from leading the Bank’s financial response during the COVID-19 pandemic to initiating innovative funding mechanisms that have been adopted by global financial institutions.
Tshabalala sees Africa at a crucial juncture, asserting that the AfDB must address the continent's ambitions with bold, strategic initiatives.
"My aim is to establish a financially strong and results-oriented AfDB that focuses on infrastructure development, broadens innovative financing solutions, and strengthens partnerships to realize Africa's full economic potential. This endeavor is not solely about investment; it’s about achieving tangible, lasting benefits for African countries and their populations."
Tshabalala began her journey with the AfDB in 2018 and became Senior Vice President in 2021, a role she held until resigning in 2024 to run for the presidency. Before her time at the Bank, she occupied leadership positions at Old Mutual Employee Benefits, Standard Bank Group, and Transnet Limited, acquiring essential expertise in managing large infrastructure projects. From 2006 to 2014, she was the CEO of the Industrial Development Group (IDG), spearheading investments in vital sectors across Africa. She obtained a Bachelor's Degree in Economics from Lawrence University and a Master’s in Business Administration from Wake Forest University.
Acknowledged for her strategic impact, the President of the AfDB and Chair of the Boards of Directors praised her leadership in supporting the Bank’s goals and financial health.
She emphasized that infrastructural development would be her primary focus, asserting its critical role in sustainable economic growth. "Without dependable roads, ports, rail systems, energy infrastructure, and digital capabilities, Africa cannot fully tap into its trade potential, industrial growth, or job creation opportunities," she pointed out.
One of Tshabalala’s significant accomplishments has been the establishment of hybrid capital financing at the AfDB, an innovative approach that enables multilateral development banks to draw private sector investment while ensuring financial stability.
This novel method has been adopted by other global financial entities, confirming its effectiveness in generating new development funding sources. As she steps into leadership, she plans to enhance the use of hybrid instruments to broaden the AfDB’s funding sources, ensuring the Bank maintains its financial strength while boosting its capacity to finance transformational initiatives.
The upcoming election for the next President of the African Development Bank is scheduled for May 29, 2025, during the annual Meeting of the Board of Governors in Abidjan, Côte d’Ivoire. The election process began with candidate submissions in July 2024 and will lead to evaluations and discussions culminating in the vote.
