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Treasury Cabinet Secretary, Prof Njuguna Ndung'u, has been appointed as the new Chairman of the African Development Bank (AfDB) Board of Governors.
The handover ceremony took place in Sharm el Sheikh, Egypt, where the former Central Bank of Kenya Governor officially assumed his new position succeeding Egyptian Hassan Abdalla.
This continental role will see Prof Ndung'u lead the multilateral lender's board for a one-year term, culminating in the hosting of the annual general meeting in Nairobi next year.
As the chair of the AfDB, which exclusively lends to African countries, the role rotates among member states, reflecting the bank's commitment to regional cooperation and development. Each member country appoints a governor and an alternate governor, who wield voting powers proportional to their country's shareholding.
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During his acceptance speech, Prof Ndung'u expressed Nairobi's support for the AfDB's objective of expanding financial access, particularly in light of dwindling global funding options.
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He highlighted the importance of innovative resource mobilization to finance infrastructure development, given the growing demand for quality infrastructure to attract private investments.
"The role of development institutions is crucial in pooling and mobilizing the necessary resources to address geopolitical tensions, the impact of the Covid-19 pandemic, food security, and climate change," Prof Ndung'u emphasized.
In his new role, Prof Ndung'u will work towards enhancing financial inclusivity and driving sustainable development across the continent.
Through collaboration with member countries and strategic partnerships, he aims to leverage the AfDB's expertise to mitigate challenges and foster economic growth.