The sports category has moved to a new website.

CS Njuguna Ndung'u secures top position in African Development Bank

CS Ndung'u will serve for a one-year term before handing over

Kenya's Treasury CS Njuguna Ndung'u (left) with Egypt's Central Bank Governor Hassan Abdalla and AfDB President Akinwumi Adesina (right) during the chairmanship handover ceremony in Sharm el Sheikh, Egypt, on May 26, 2023.

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.

ADVERTISEMENT

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.

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.

ADVERTISEMENT

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.

JOIN OUR PULSE COMMUNITY!

ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Family Bank loses board chairperson 3 weeks after appointment

Family Bank loses board chairperson 3 weeks after appointment

Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

Hashi Energy disposes of 31 trucks, & other assets as it winds up after 33 years

Sabina Joy, CBD home & other assets owned by billionaire Gerald Gikonyo

Sabina Joy, CBD home & other assets owned by billionaire Gerald Gikonyo

In shadow of the business summit: The U.S. buys right to pollute Angola with toxic waste

In shadow of the business summit: The U.S. buys right to pollute Angola with toxic waste

The role of digital payments in Kenya's online gaming market

The role of digital payments in Kenya's online gaming market

EPRA announces new fuel prices  for June & July

EPRA announces new fuel prices for June & July

Kenya fulfils 6 of IMF's strict conditions in budget & Finance Bill 2024

Kenya fulfils 6 of IMF's strict conditions in budget & Finance Bill 2024

How AI is transforming the Kenyan online Casino and Cryptocurrency landscape

How AI is transforming the Kenyan online Casino and Cryptocurrency landscape

Kenya Power MD explains fate of idle prepaid meters post-upgrade deadline

Kenya Power MD explains fate of idle prepaid meters post-upgrade deadline

ADVERTISEMENT