Sidi Ould Tah, a Mauritanian with 35 years of experience in international and African finance, including seven years as minister of economic affairs and finance, has been elected the ninth president of the African Development Bank.

The election comes at a critical time. Overseas development aid is declining sharply, while tariffs, volatile commodity prices, and erratic global markets rattle African economies. Tah is also stepping into the shoes of high-profile predecessor Akinwumi Adesina, who tripled the bank’s capital to $318 billion and launched headline initiatives, such as the Mission 300 — a first-of-its-kind partnership with the World Bank that aims to deliver electricity to 300 million Africans by 2030.

Adesina steps down on Aug. 31 after serving the maximum of two five-year terms.

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