The African Development Bank had its annual meeting for 2010, and from it, a two important decisions came to conclusion.
1) Re-election of current President, Donald Kaberuka for his second five year term. In the age of mass media, the charismatic Rwandan has added substance with his style in projecting the image of Africa to the world. Leading the Bank, he has presided for 3 years where African growth rates reached 6%, second only to Asia, but similarly also in a swift and decisive plan to limit the impact of the global financial crisis by putting in place facilities to help African governments.
He has also been at the forefront for encouraging investment into Africa, of getting African governments to prepare for a post-aid fiscal future and for making the ADB relevant in contemporary African economic development.
Elected in 2005, the image and usefulness of the ADB has grown, and this has manifested itself in the Bank passing a big motion of confidence in 2.
2) Tripling of the ADB’s Capital Base to almost US$100 billion. After reclaiming a AAA lending status, the ADB has been clear and targeted in the goals they want to achieve. This has resulted in record figures in investment for infrastructure, but also in the stimulus package secured during the financial crisis. The ADB is now a relevant institution after its years of malaise where it looked like a paralysed elephant, now it is a proud lion roaring the continent forwards.
The Bank has passed this vote of confidence, and another 5 years under Kaberuka should allow the Bank to get back on track post crisis. This will also facilitate the Bank to lend more, and as the Bank looks to post 2020, where it will be the arrival of Africa after the BRIC’s, the foundations for African economic success are being sown by the Bank.