South Africa’s Cabinet formally endorsed development finance institution the African Development Bank (AfDB) senior VP Bajabulile Swazi Tshabalala as its nominee for the role of president of the AfDB in August, Finance Minister Enoch Godongwana has announced.

In line with the AfDB’s rules and regulations that require that executive employees intending to formally pursue the position of the AfDB’s presidency, or any other elected role within the organisation, must step down from any current role to prevent conflicts of interest, among other considerations, Tshabalala has voluntarily relinquished her role, which she held since 2020.

In a statement, Godongwana commended Tshabalala for her contribution and commitment to achieving the AfDB’s vital goal of increasing investment in the continent.

“Ms Tshabalala played a vital role as number two at the AfDB alongside AfDB president Dr Akinwumi Adesina in ensuring that the Bank met and even exceeded its mandate of supporting the economic growth of the continent,” he said.

The position of AfDB president will become vacant on August 31, 2025, when the term of incumbent Adesina, who is from Nigeria, expires.

Tshabalala has more than 30 years of professional experience gained over a diverse range of institutions including State-owned companies, the private sector, and a range of sectors, from transportation and logistics, to infrastructure, financial services and development finance. Her experience stands her in good stead to lead the continent’s premier multilateral lender, said Godongwana.

During the pandemic, she contributed to the critical role that AfDB played in providing access to capital for African countries to fund the economic recovery. She was there as CFO when the bank achieved its largest general capital increase in 2019. There is no substitute for that kind of experience, he said.

“Ms Tshabalala’s candidacy represents continuity. It also represents an opportunity for a capable female leader to take up a key African leadership position.

“We will be working closely with her to ensure that her campaign is a successful one,” he said.