A decision has been taken by the South African Finance Ministry not to nominate a candidate for the Presidency of the African Development Bank (AfDB).

In a statement the ministry said, “The process of selecting a candidate within the Southern African Development Community (SADC) is currently under way and South Africa will act in accordance with the collective decision of the region.”

Members of the AfDB will elect a new President in May 2015.

The Finance Ministry said it was critical for members to elect a President who can build on the gains made through Africa’s rise over the past decade.

Donald Kaberuka is currently serving his second five-year term as President. He was first elected in 2005, becoming the seventh president of the Bank Group since its establishment in 1963.

Speaking in Johannesburg in October last year, Kaberuka said Africa’s recent economic gains will only be sustained by deepening regional integration across the continent. He said the continent’s structural transformation could not take place without investment in infrastructure and regional integration.

He also emphasised the need to address non-tariff barriers across borders to facilitate trade. –

Source: SAnews.gov.za