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In an interview with RFI and Jeune Afrique, Amadou Hott (www.AmadouHott.com), a leading candidate for the presidency of the African Development Bank (AfDB) , shared his vision of the Bank's role in the evolving global geopolitical environment.
"Africa should look at every possible source of investments, so long as they are impactful and the cost of capital is attractive. We should not be picking sides; however, we should be focused on preparing a robust pipeline of bankable projects. As President of the Bank, I would work towards making the Bank more agile to work on project preparation and development and ensure investment readiness."
The former Minister of Economy, Planning, and Cooperation of Senegal and former Vice-President for Energy, Climate, and Green Growth at the Bank also shared his plans to position the Bank as a leading institution to mobilize resources at scale for Africa's economic transformation.
His strategy involves advocating for tax reforms, including an increase in African countries' taxable basis, as well as advocating for the mobilization of African savings and funds from African institutional investors and high-net-worth individuals. At the helm of the Bank, he intends to resort to innovative financial mechanisms to use African resources as leverage to mobilize more resources in the capital markets and on better terms.
Hott's resource mobilization strategy is directly linked to his plan to turn the Bank into an ally of the private sector and help the Bank accelerate project delivery: "To create jobs and create wealth, Africa needs a strong private sector and not depend too much on public finance."
In the interview, Amadou Hott emphasized his capacity to deliver on his vision for the Bank. "I have been known for my track record in every position I occupied: I led the transformation of UBA Capital in Lagos to make it one of the top investment banks in the country; I was the first Chief Executive Officer of the Senegalese sovereign wealth fund we created from scratch and helped structure and finance its first solar power projects; I was the first Vice-President for Energy, Climate and Green Growth at the Bank and left with a 150% increase in the Bank's investments with the private sector. As Economy Minister, I led the teams in charge of the Covid-19 resilience and recovery plans, I led the comprehensive reform of the PPP framework and supported the negotiations for Africa's representation at the G20. My track record speaks to my ability to surround myself with the best talent and lead teams efficiently for impact."
Additional Key Pillars of Hott's Strategy:
Amadou Hott's visionary approach to leading the African Development Bank promises to usher in a new era of collaboration between public and private sectors, potentially catalyzing unprecedented economic growth and development across the African continent. Hott's comprehensive plan for the Bank extends beyond resource mobilization and private sector engagement: it encompasses several other critical areas such as fast-tracking the delivery of projects related to universal energy access, infrastructure for more regional integration, industrialization, food security, healthcare systems, skills for jobs and entrepreneurship, enhancing resource mobilization through hybrid capital, and improving institutional capacity building by strengthening the Bank's internal capabilities to better serve its member countries.
