African Development Bank prepares to re-elect Akinwumi Adesina as President after Trump administration failed to oust him Updated for 2021

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Updated: March 6, 2021

The iron man

The African Development Bank is set to re-elect Akinwumi Adesina as President after the Trump administration failed to oust him.

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Mr. Adesina survived two probes over alleged wrongdoings, including one initiated recently by the United States Secretary of the Treasury Steven Mnuchin.

The probes, following a whistleblowers’ complaint, were viewed with suspicions and opposed by many African leaders who released an unprecedented letter calling on the continent to reject foreign interference in the bank.

The African Development Bank Group announced on August 6 that it will be holding its 2020 Annual Meetings virtually, from August 25 to August 27, 2020.

“These will comprise statutory meetings of the Board of Governors. A major agenda item of this year’s Annual Meetings is the election of a president,” the bank said. Adesina is the only candidate for the election.

Although the continent rallied around Mr. Adesina, many Africans view the African Development Bank, the World Bank and the International Monetary Fund as institutions used by African leaders to acquire billions in loans, funds that are often stolen or misused, and then passed onto generations yet unborn.

Many African leaders have used the coronavirus pandemic to secure billions of dollars in loans promising to save jobs and beat the deadly bug. But the billions of dollars have not gone to the people, or used to save small businesses impacted by the various lockdowns and shutdowns caused by the pandemic.

Sources at the IMF and World Bank told TODAY NEWS AFRICA in Washington DC that at least 95 percent of all coronavirus loans went to countries in Sub-Saharan Africa and the Americas, regions where corruption is rife. The lenders are often from the United States, Europe and Asia while African leaders are the receivers.

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Simon Ateba
Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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