The African Development Bank (AfDB) will today get a new President, to replace Rwanda’s Dr Donald Kaberuka, who has been at the Bank’s helm since 2005.

Eight candidates are vying for the position and since Monday when the 50th Annual Meetings of AfDB kicked off in the Ivory Coast capital of Abidjan, lobbyists have been engaged in closed-door meetings in last gasp efforts to win the support of member states.

Kaberuka, 64, who served as Rwanda’s finance and economic planning minister before he was elected to head Africa’s top financial institution, delivered his last speech as AfDB president on Tuesday.

He will hand over the mantle to his successor on September 1.

The candidates seeking to replace Kaberuka include Nigeria’s Akinwumi A. Adesina, Sufian Ahmed of Ethiopia, Tunisia’s Jaloul Ayed, Kordje Bedoumra (Chad), Caboverdean Cristina Duarte (Cape Verde), Samura M. W. Kamara (Sierra Leone), Zimbabwe’s Thomas Sakala and Birama Boubacar Sidibe of Mali.

The AfDB operates under the leadership of the president, who serves as the legal representative of the bank, its chairperson of the board of directors, and the chief of staff.

An AfDB president is elected by the Board of Governors to serve a five-year term, renewable only once.

Kaberuka was first elected in July 2005 and, in May 2010, he was re-elected for his his last five-year term.

With 78 per cent approval of the board of governors, Kaberuka was elected with the highest number of votes in the history of the 50-year-old financial institution.

The rules of procedure governing the election of the president of AfDB require that the bank holds the election of the president during the annual meeting closest to the end of the term of office of the serving president.

Accordingly, the board of governors will elect Kaberuka’s successor today.

Candidates debate

Yesterday, there was a debate session between the candidates and members of the board of governors in Abidjan.

The debate will have helped the board of governors (who are the Ministers of Finance of 54 African countries) to make up their mind on who was best placed to build on Kaberuka’s legacy and take the bank to the next level.

Whoever the governors will choose today has the blessings of the outgoing president who, on Tuesday, said they are preparing a "soft landing” for the new man in charge.

"To my incoming successor, my very best wishes; 10 years goes by quickly. It is a complex and merciless job, but very exciting. It is, in fact, not a job – but a mission. It is the fire in the belly that will see you overcome the many inevitable moments of frustration.

"We are preparing a well-designed transition for your smooth landing and to allow you to hit the ground running,” said Kaberuka.

The outgoing AfDB president spoke of the five priority areas that his administration promoted, including; infrastructure (spent $28 billion on infrastructure, mainly energy, transport, water and ICT); supporting the private sector (scaled up annual operations in this area from $200 million in 2005 to $2 billion this year); regional economic integration (committed $4 billion to such areas as transport corridors and power pools); investing in fragile states; and leveraging convening power, knowledge and voice.

Kaberuka also said he leaves AfDB "very robust, financially,” saying it retains its triple AAA rating, and that it had tripled its capital base, with paid-in capital plus reserves now at $9 billion.He paid tribute to Rwanda for sponsoring him for AfDB’s top job, and Africa for supporting him all through.

Click here for Kaberuka’s full statement

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WHO ARE THE CANDIDATES?

Akinwumi A. Adesina

Nigerian by nationality, he was born in February 6, 1960.

He’s currently Nigeria’s minister for agriculture and rural development. He holds a PhD and Masters degree in Agricultural Economics from Purdue University, US.

He obtained First Class Honours bachelors degree in Agricultural Economics from University of Ife, Nigeria.

Sufian Ahmed

Born on May 10, 1958, Ahmed is Ethiopia’s current minister for finance and economic development.

Previously, he served as the commissioner of Ethiopian customs authority.

Ahmed has a Masters degree in Economic Planning and Development.

Jaloul Ayed

Born in February 1951, he’s a former Tunisian minister for finance, who also served as vice-president of Citibank.

He’s currently the president of MED Confederation, an alliance which aims to promote socioeconomic cooperation in the Mediterranean region.

He has a Master’s degree in Economics from University of Maryland.

Kordje Bedoumra

The Chadian candidate was born in 1951.

He’s his country’s current minister for finance and budget.

He holds a degree in Civil Telecommunications Engineering from the Ecole Nationale Supérieure de Télécommunication, Paris, France, obtained in 1979.

Cristina Duarte

Born in 1962, Duarte is the only female candidate. AfDB has never had a female president in its 50 years of existence.

The Cabo Verdean is her country’s current minister for finance and planning.

She has a Masters in International Management.

Samura M. W. Kamara

The Sierra Leonean was born in 1951.

He is the current minister for foreign affairs and international cooperation of his country after previously serving as minister for finance and economic planning.

He has a Bachelors, Masters and PhD in Economics.

Thomas Sakala

Born in 1955, Sakara is Zimbabwe’s candidate for the top AfDB job.

He was an employee of the African Development Bank until October 2014 when he retired from the bank’s service.

He has also previously served as the AfDB vice-president for country and regional programmes.

He has a Masters degree in Economics.

Boubacar Sidibe

The Malian national was born in 1952 and is the current Vice-President, Islamic Development Bank, Jeddah, Saudi Arabia.

Previously, he was the managing director, Shelter Afrique in Nairobi, Kenya.

He has a Masters degree in Engineering.

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WORLD LEADERS PAY TRIBUTE TO KABERUKA

Tributes came in live and recorded, all in praise of Rwanda’s son who has exported the country’s efficiency, transparency and excellent governance to Africa’s most crucial economic cog mill: AfDB.

Senegalese Babacar Ndiaye, who served as AfDB president from May 1985 to August 1995, said: "I provided a shoulder on which someone could sit on and look afar, Donald Kaberuka has just done that during his tenure at the bank.”

Liberia’s President Ellen Johnson Sirleaf congratulated Kaberuka for leading the bank to its 50th anniversary and commended him for standing with Liberia during its fight against Ebola.

Ivorian President Allasane Ouattara said Kaberuka’s successor will have an uphill task trying to match the Rwandan’s legacy at the bank.

"You made AfDB a beacon of excellence, you tirelessly defended the interests of Africa and, as a result, earned the respect of everyone, we will never forget you and your successor has a lot to do to match your achievements,” said Ouattara.

Graça Machel, founder of New Faces New Voices, a Pan-African Network of women in the financial and business sectors, said: "He will be missed because we don’t have many visionaries on the continent.”

South African Archbishop Desmond Tutu, in a televised message, said: "Kaberuka is the type of leader Africa needs. We will miss you. Thank you for being a great leader.”

Christine Lagarde, managing director of International Monetary Fund, said of Kaberuka: "You leave a great legacy behind.”

Jim Yong Kim, president of the World Bank, in a televised tribute, said: "We salute his unshakable optimism in Africa.”