The South African government has expressed endorsement and support for Financial strategist and former Senior Vice President of the African Development Bank (AfDB), Swazi Tshabalala, who recently declared her candidacy for the Bank’s presidency.
Minister of Finance, Government of South Africa, Mr Enoch Godongwana, reiterating his support, said that there would be accelerated economic transformation in Africa under her leadership.
“Tshabalala is an exceptional leader with a proven track record in finance, infrastructure, and economic development. Her extensive experience at the African Development Bank and beyond makes her the ideal candidate to lead the institution into a new era of financial resilience and impact-driven growth.
“South Africa fully supports her candidacy and believes that under her leadership, the AfDB will play an even greater role in accelerating Africa’s economic transformation and unlocking opportunities for all its people,” he said.
With a career spanning over three decades in infrastructure finance, hybrid capital solutions, and economic development, Tshabalala brings a bold vision for an AfDB that is financially robust, results-driven, and focused on transformative growth.
Tshabalala has played a pivotal role in mobilising capital for Africa’s most pressing development needs, from leading the Bank’s financial response to the COVID-19 pandemic to pioneering innovative funding mechanisms that have since been adopted by global financial institutions.
According to Tshabalala, Africa stands at a pivotal moment, and the AfDB must rise to meet the continent’s ambitions with bold, strategic action. My vision is to build a financially strong, results-driven AfDB that prioritises infrastructure, expands innovative financing solutions, and strengthens partnerships to unlock Africa’s full economic potential.
This is not just about investment, it’s about delivering real, lasting impact for African nations and their people. Tshabalala first joined the AfDB in 2018 and was appointed Senior Vice President in 2021, a position she held until her resignation in 2024 to pursue the presidency.
Prior to her tenure at the Bank, she held leadership roles at Old Mutual Employee Benefits, Standard Bank Group, and Transnet Limited, where she gained firsthand experience in managing large-scale infrastructure projects.
From 2006 to 2014, she served as the CEO of the Industrial Development Group (IDG), driving investment in key sectors across Africa. She holds a BA in Economics from Lawrence University and a Master’s Degree in Business Administration from Wake Forest University.
Recognised for her strategic contributions, the AfDB’s President and Chair of the Boards of Directors commended her for her leadership in advancing the Bank’s mission and financial sustainability. She noted that infrastructural development will be her core focus, as she believes it is the foundation of sustainable economic growth.
“Without reliable roads, ports, rail networks, energy systems, and digital infrastructure, Africa cannot fully unlock its trade potential, industrial capacity, or job creation opportunities,” she added.
One of Tshabalala’s key achievements has been the introduction of hybrid capital financing at AfDB, an innovative mechanism that allows multilateral development banks to attract private sector investment while maintaining financial stability.
This groundbreaking approach has since been adopted by other global financial institutions, reinforcing its effectiveness in unlocking new sources of development capital.
Under her leadership, she aims to expand the use of hybrid instruments to diversify AfDB’s funding base, ensuring that the Bank remains financially strong while increasing its ability to finance transformative projects.
The election for the next President of the African Development Bank will take place on May 29, 2025 during the yearly Meeting of the Board of Governors in Abidjan, Côte d’Ivoire.
The election process, which began with the submission of candidates in July 2024, will culminate in a series of evaluations and discussions leading up to the vote.