(Ecofin Agency) - As international development aid faces growing pressure, the African Development Bank (AfDB) is entering a new era. Yesterday, May 29, Sidi Ould Tah of Mauritania was elected as the Bank’s new president. He will officially take over in September. Tah inherits a strong institution that continues to enjoy investor confidence thanks to its AAA rating. But he also faces major challenges, chief among them is raising funds, starting with the 17th replenishment of the African Development Fund (ADF). This effort has become even more complex due to the United States' withdrawal under the Trump administration.

In Abidjan, during the AfDB Annual Meetings, Adama Mariko, Secretary-General of the Finance in Common coalition and Deputy Executive Director of the French Development Agency (AFD), a partner of the pan-African bank, shared his perspective with Ecofin Agency on what lies ahead under the new leadership and for the institution’s future.

Ecofin Agency: Mr. Mariko, good morning. The African Development Fund is currently in negotiations for its 2026–2030 cycle, aiming to raise $25 billion, nearly triple the previous cycle. Given the current tightening of international aid, is this a realistic and achievable target?

Adama Mariko: It is absolutely realistic. It is not an out-of-touch goal. Because if it were not achievable, that would mean it is not what we need. But it is exactly what we need. The target matches the scale of today’s challenges. It is also a test of consistency for both regional and non-regional countries. They must match their words about making Africa a priority with real support for a development bank that can meet urgent needs.

Tripling the funding is ambitious, yes, but it also requires creative thinking, reforms that fit the current global context. National tax systems alone cannot cover everything. So we need to explore several options. For example, private or philanthropic funding could be counted as public financing if it helps generate concessional investments. Whether the money comes from a government or a philanthropist, what matters is how it is used.

Just like what has been done for IDA replenishments or other funds, we can also turn to capital markets or public banks to raise long-term financing. This reduces pressure on government budgets. These kinds of innovative approaches need systemic reforms and new tools. The goal of tripling resources cannot rely only on state contributions. The donor pool will grow too. Some countries will contribute for the first time or will significantly increase their commitments. That will make the ADF stronger.

Ecofin Agency: During the last cycle, ADF-16, the United States contributed $568 million. This year, President Donald Trump has announced that the U.S. will not participate in the next cycle. This has raised concerns, as a U.S. withdrawal can trigger a negative domino effect. Should this worry us, or is the AfDB strong enough to move forward without the U.S.?

Adama Mariko: Every euro, every dollar matters. We cannot downplay the importance of $500 million. But beyond the amount, the signal it sends is the real concern. It is worrying when countries start to question their commitment to multilateral development funding.

The encouraging news is that there has been no domino effect. Other countries have not followed suit. Over the past few months, the system has shown resilience. The world has become somewhat used to dramatic policy shifts. The real test will be at the end of the cycle: will the United States reverse its decision? We must stay calm and keep mobilizing efforts. The AfDB has done a great job advocating, and that might convince the U.S. to reconsider.

That said, this withdrawal is part of a broader trend seen in several Northern countries, reexamining the role of public funds in development. That is why ADF-17 offers more than grants. It includes innovative financing tools and a broader sense of solidarity.

Even if every country contributed $10 million, we would not get very far. This is not about simple math. We need a variety of approaches. The U.S. decision is a bad signal, but the rest of the world has responded with strength. We have seen critical moments before, like the closure of USAID or tariff hikes, but other powers stayed calm, which softened the impact.

Let us remember that under Trump, the U.S. also left the Paris Agreement, only to rejoin later. ADF-17 is just one chapter. There will be an ADF-18 and ADF-20. This is just a phase. But we must stay focused: raise the ADF to $25 billion, and remember that $500 million can still make a huge difference.

Adama Mariko, Secretary General of Finance in Common and Deputy Executive Director of AFD, and Moutiou Adjibi Nourou, Editor-in-Chief for Public Policies at Agence Ecofin.

Ecofin Agency: Speaking of alternative tools, some institutions have borrowed on international markets to pre-finance their replenishment. In IDA20, for example, more was raised through markets than through grants. Could the ADF, backed by the AfDB’s AAA rating, also borrow to cover most of its needs?

Adama Mariko: Absolutely. This is where Africa must step up its innovation. Innovation often comes from constraint. When things are comfortable, we do not reform. Today’s environment is a chance to rethink ADF mechanisms, attract private capital, and adopt new tools.

But it is ultimately up to the shareholders to decide. That is the spirit behind the ADF-17 mobilization. We need confidence, not just in the projects, but in the financial strength of shareholders. Of course, someone will have to bear the cost. Whether through direct contributions, guarantees, or other methods, the financial model must be solid enough to deliver results, including repayments.

That is what financial innovation means: getting quick access to resources and scaling up investment. And I believe it will happen.

Ecofin Agency: The ADF is increasingly moving toward climate-focused goals. From your position at AFD, this must be a major issue. Could tools like green bonds help the ADF become more resilient to changes in donor policies?

Adama Mariko: There are many multilateral climate funds, like the GCF and the GEF. The ADF and AfDB are also investing in more sustainable ways. The Paris Agreement is now a guiding framework. A public bank that aligns its funding with the Paris goals is committing to a positive, or at least neutral, climate impact.

That is what we do at AFD, and we see the same trend in both multilateral and national banks. Still, not all ADF resources should go toward climate issues. We must also address social needs, create jobs, and support national priorities. In doing so, we also help tackle global challenges.

When I arrived in Abidjan this weekend, the media was already reporting deadly events linked to the rainy season. In France, too, some people lost their homes after record rainfall in just one day. Our infrastructure is not built for today’s climate. This is everyone’s problem.

Investing in infrastructure, economic development, and production systems must include climate considerations, while also being socially responsible and upholding human rights.

AfDB, like other institutions, has also questioned the role of energy in development. This is not about pitting fossil fuels against renewables in a simplistic way. We must fund an energy transition that, in some contexts, may include gas. Development must be sustainable, but also realistic.

Responsible mining in Africa, low-carbon infrastructure, green public transport, these all create opportunities for African industry. Why not have electric vehicle factories in Africa? The minerals are here. The potential is real. And the ADF can help make it happen.

Ecofin Agency: At the opening of the AfDB Annual Meetings, President Adesina gave a 10-year review of his tenure, especially through the High 5 program. Now that a new president has been elected with a new agenda, do you think this change in leadership will shift the Bank’s priorities? What are your expectations for this new governance?

Adama Mariko: First, I want to congratulate President Adesina and his outgoing team. I believe the AfDB has never embraced its African identity as strongly as it has in the past ten years. And I often say this: the AfDB must be an African Development Bank, not an international bank operating in Africa. That means staying true to the continent’s priorities and clearly positioning itself as a major development leader for Africa.

This African identity must be seen in a stronger presence on the ground, a larger financial footprint, more local partnerships, and the ability to act as a real driving force for Africa’s economies. Let me give a comparison.

In Latin America, development banks collectively provide more financing than the World Bank does in that region. The same is true in Europe, where the EIB funds more than the World Bank. Asia too. Only in Africa do we still expect the World Bank or EIB to play the leading role, when it should be the AfDB leading development here.

So my first expectation is for the AfDB to grow, not in staff size, but in financing power, response speed, and its ability to coordinate other partners. Too often, donors act in countries without AfDB involvement. That needs to change. The AfDB should be the lead partner in development projects across Africa.

This is the approach we support at AFD and in Finance in Common: national development banks must bring local scale, but they need a strong AfDB to support them.

Personally, as an African, I do not want a bank that sets economic policy for states. I want a bank that says, “Here are your national priorities. You have a strategy and an economic plan. We are here to help you carry it out, build strong projects, and get them ready for financing.” That is not yet fully the case.

The High 5 goals are still relevant, feed Africa, power Africa, integrate Africa, industrialize Africa, improve quality of life, but we must push further.

For me, there are three main areas where I want to see stronger commitment from the AfDB. First: access to energy. This is essential. Without enough affordable energy, we cannot industrialize. Senegal’s example, with gas and solar projects, shows the way. We must lower energy costs, invest in renewables, and develop local energy solutions. This is critical for an energy transition and for supporting industrial growth.

Second: financing for women and youth. Africa is a young and very female continent. Yet these are the groups most affected by underemployment and informal work. We need powerful tools to support women and youth entrepreneurship, across farming, crafts, services, startups. This is a direct response to social challenges and a huge economic opportunity.

Third: agricultural transformation. Feeding Africa is not just about boosting production. It is about turning agriculture into a driver of jobs, industry, and independence. With energy, active youth, and the right tools, agriculture can truly transform the continent.

These are the priorities I want to see in a new generation AfDB, still African, but closer to states, more agile, stronger, and better aligned with Africa’s challenges.

Ecofin Agency: One last question. The priorities you listed are central to the African Continental Free Trade Area (AfCFTA). This project touches on many of the challenges African countries face in accelerating development. Would you say financing the acceleration of AfCFTA is the next big task for the new AfDB president?

Adama Mariko: Absolutely. African integration is key. And we must remember: AfCFTA is not just about exports. That is a common misunderstanding. It is not about external trade, it is about building a strong African internal market. The goal is to create the conditions for African companies to grow by relying on robust regional demand, to industrialize, build value chains, and develop.

Among the priorities I mentioned earlier, one stands out: building a financial system for Africa that meets African needs first. We must be able to mobilize local savings to fund investments within the continent.

We are seeing promising signs. Morocco’s Deposit Fund and its role in economic development is over 60 years old. This model is now being adapted in Senegal, Benin, Burkina Faso, Cameroon, Gabon, and beyond. National development banks are emerging, ready to channel funding into national priorities.

This is also what the AfDB does. But I believe it must work closely with these national public systems. African countries are shareholders in both the AfDB and their own national development banks. If their expectations of both are not aligned, nothing works.

If the AfDB increases its capital base, which we hope it will, it should use that strength to boost national systems too. Give them the tools to invest, to design solid projects, and speed up local investments. This supports regional integration directly.

Intra-African free trade must become real. We cannot keep seeing local produce rot for lack of processing, storage, or cross-border trade.

It does not make sense for Senegal, Côte d’Ivoire, and others to keep importing massive amounts of rice, when one country could build a regional rice-growing ecosystem.

The AfDB has a crucial role in this process, supporting its shareholders, coordinating with other African institutions like Afreximbank. I believe the time has come to strengthen the entire African multilateral public finance system. That is the path we must take.