Donald Kaberuka’s term as President of the African Development Bank, (AfDB) ended on the last day of August and as he walks out of the doors of his Abidjan office, he would become known as a Former President.
His tenure ends after what staff of the multilateral organization describe as the most successful 10 years in the history of the Bank.
The 63-year-old was first elected in 2005 for a five year period. He got re-elected for a second five-year term in 2010.
The in-coming President, Dr. Akinwumi Adesina, Nigeria’s former minister of agriculture was elected May 28, 2015 after a tense day of voting and expectations at the Annual Meetings of the AfDB in Abidjan, Ivory Coast.
The Bank almost shut down after losing its AAA credit rating in 1995. Omar Kabbaj became Bank President that same year and tightened controls to regain the AAA status.
Kaberuka took over in 2005, and then the Bank made a dramatic turn-around by refocusing on the core needs of its member countries, and re-strategizing.
During his 10-year term from 2005, the Bank’s capital has tripled to $100 billion, and the Bank has made massive investments in development projects around Africa.
Under his tenure the AfDB has collaborated and often competed with other multilateral organizations like the World Bank and International Monetary Fund, working hard to make itself relevant to and ahead in Africa’s economic, social and political development.
And recently when he was in Kigali for a leadership summit this journalist asked him if he thought his legacy at the Bank would be continued after he leaves, he responded, “I am not a legacy man. The achievements of the Bank are a collective one. It’s not a one-man show,” he said.
The Bank operates under the leadership of the President, who serves as the legal representative of the Bank, the Chairperson of the Board of Directors, and the Chief of Staff of the Bank.
Elected by the Board of Governors, the President serves a five-year term, renewable once.
The Bank invests about $8 billion annually into Africa’s economy.