He will replace Akinwumi Adesina, a Nigerian Economist who will step down in September after completing the maximum two five-year terms in office.

The AfDB, which has $318 billion in capital, is owned by 54 African states and non-regional nations including the United States, Japan and Saudi Arabia. Its biggest shareholder is Nigeria.

Tah will take over as the bank grapples with Washington's plans to cut $555 million in funding to its African Development Fund (ADF), which offers low-priced financing to more than 30 of the continent's poorest nations.

"African economies are under immense pressure, facing multiple crises like rising debt burdens, climate shocks, inflation and limited fiscal space," said Serah Makka, Executive Director for Africa at One, a group that campaigns against extreme poverty.

Between sclerotic infrastructure and climate investment needs, African nations have huge financing needs. The AfDB has pegged the annual financing gap for structural transformation at more than $400 billion or nearly 14% of the continent's projected Gross Domestic Product by 2030.

The bank is aiming to raise $25 billion in its current replenishment round, which concludes in November. The last round, three years ago, raised $8.9 billion.

--Reuters--