AfDB President-Elect, Donald Kaberuka, Assumes Office on 1 September

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Tunis, 29 August 2005 – The 7th elected President of the African Development Bank (ADB) Group, Mr. Donald Kaberuka, will be sworn in on 1 September 2005, at the Temporary Relocation Agency (ATR) in Tunis. The ceremony will be witnessed by the Chair of the Board of Governors, members of the Board of Directors as well as management and staff of the Bank.

Mr. Kaberuka, 54, was elected to the post by the Boards of Governors of the 77 member countries of the Bank Group in Tunis on 21 July 2005. He takes over from Mr. Omar Kabbaj, a Moroccan national who served the Bank for two five-year terms begun on 1 September 1995.

The new President has promised to take Africa’s premier development finance institution to new heights by ensuring greater development effectiveness that produces tangible results in the fight against poverty and by focusing more on the development of infrastructure. He will endeavour to harmonise the Bank’s policies and programmes with those of peer institutions and partners as well as consolidate the achievements of the previous administration.

He initiated and implemented major economic and governance reforms in the fiscal, monetary, budgetary and structural domains including independence of the Central Banks. These reforms resulted in the widely acclaimed recovery of the Rwandan economy, sustained economic growth and enabled the country to benefit from debt cancellations under the Highly Indebted Poor Countries (HIPC) Initiative in April 2005.

Mr. Kaberuka had 12 years experience in the Banking industry, trade finance, international commodity business and Development issues, before he joined the government.

As minister for Finance and Economic Planning, the new President was Governor for Rwanda at the World Bank, the International Monetary Fund (IMF) and the African Development Bank.

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