As Africa’s development financing gap continues to widen, one of the candidates vying for the presidency of the (AfDB), Dr. Sidi Ould Tah, is calling for a fresh approach to funding the continent’s future.
Dr. Tah, currently the Director General of the Arab Bank for Economic Development in Africa (BADEA), is making the case for deeper partnerships with Gulf nations and a renewed focus on mobilizing domestic resources.
He argues that innovative funding models are urgently needed to address Africa’s massive infrastructure deficit, which is estimated to require over $100 billion annually.
In contrast, the AfDB currently disburses between $8 billion and $10 billion each year — a figure that Dr. Tah believes must increase significantly if the bank is to meet the continent’s evolving development needs.
“The Gulf region has excess liquidity and operates multiple development finance institutions offering capital at low cost,” Tah said during an interview. “We are not fully tapping into this potential, despite growing interest from GCC sovereign wealth funds to invest in Africa.”
He is also placing emphasis on tapping into Africa’s own financial potential. This includes improving tax collection, enhancing public-private partnerships, and creating more bankable projects that attract long-term institutional investors.
“Domestic resource mobilization has become the new rallying cry of African institutions, governments and other stakeholders as we seek a more resilient and independent future. Ambition is within reach and can be supported by supported by our many natural assets and a growing pool of domestic capital that remains largely untapped. But it will not happen by accident. Structural inefficiencies must be addressed and deliberate initiatives to harness these resources must be supported. Efficient domestic resource mobilization will pave the way for increased public investments in critical sectors,” he said.
Dr. Tah’s platform reflects a broader conversation about how multilateral institutions can adapt to a rapidly changing global economy and address challenges ranging from climate change to youth unemployment on the continent.
As the AfDB election nears, his focus on expanding access to finance for African entrepreneurs and SMEs, strengthening food security and agricultural transformation, supporting climate resilience and energy transition, ensuring institutional efficiency and inclusive governance within AfDB, resource mobilization and strategic partnerships could resonate with member countries looking for pragmatic leadership and financial innovation.
The new president of the AfDB is expected to steer the bank through a complex post-pandemic recovery phase and a growing push for economic self-reliance across African states.
