DR SAMUEL MUNZELE MAIMBO currently serves as the World Bank’s Vice President for Budget, Performance Review and Strategic Planning. The Zambian national has come this far after spending 30 fruitful years in international finance development and worked on more than 40 economy-improving projects around the world. His footprints mark out a track record of purposeful leadership that has delivered sustained accomplishments and robust financial systems in countries and institutions. Buoyed by his wealth of experience garnered from a long career at the global stage, Dr Maimbo now wishes to dedicate 100% of his development expertise to Africa. He intends to contest the Presidency of the African Development Bank (AfDB), next year.
In this interview, Dr Maimbo, who is the candidate of the Southern African Development Community (SADC), speaks of his vision for the AfDB and how he hopes to accomplish the institution’s mandate should he get the nod of AfDB’s diverse 81 member-countries.
What informed your decision to vie for the Presidency of the African Development Bank (AfDB) in 2025?
My enthusiasm for Africa’s development and its position in the global economic community serves as my driving force. The unpalatable fact is that Africa’s development financing prerequisites for the next couple of decades far exceed its current levels of access – domestic or external. Our collective economic development and poverty reduction efforts are stalling. To get back on track, towards our development goals, we must, frankly, acknowledge and confront this predicament with bolder and more ambitious actions. If we want Africa to thrive and not just survive, we must reassert confidence in our own future and drive Africa to the forefront of the world economy. We must not be held back by our past; instead, we need to bolster our continent to make it fit for the future. A future that will be challenging, but also promising.
How do you intend to drive AfDB to greater heights?
Under my leadership, the AfDB will focus on bridging the gap between available concessional financing and development needs by maximising the range of financing sources available in Africa; improving the long-term fiscal space of governments by redefining our global debt resolution efforts and domestic resource mobilisation efforts. We must also boost investment in Africa’s future by increasing investments in the continent’s immense natural and human resources so as to drive a more prosperous future for all. Furthermore, because of the importance of institutions in driving growth, the AfDB, under my leadership will work with all development institutions across the world and in Africa – both old and new. I will make a positive difference at the AfDB and across Africa.
What issues would you prioritise if you succeed in this bid?
Africa has the natural resources and human capital to drive its economy to a more prosperous future, despite the macro challenges that are impacting the world. To ensure that Africa is not being left behind, we must take the lead and become a solution to global problems by boosting our productivity, accelerating innovation, and becoming an integral part of the green energy transition. In all these, we must remain positive in our relationship with the world. The AfDB is uniquely positioned to lead this transformation by using its political, economic, and social convening power to drive the development agenda on the continent. The AfDB will take leadership by setting an even more ambitious tone, pace and scale of ambitious good development outcomes for all partners through its vision, energy, capacity, creativity, risk-taking, and results. Importantly, we must take on Africa’s fiscal challenge head-on. Today, many recipient governments’ budgets are being circumvented, with only 40% of official financing flows going through national budgets. These trends have reduced aid effectiveness, increased transaction costs for recipient countries, and resulted in missed opportunities for leveraging scarce concessional resources.
You are very passionate about Africa, especially the positivity of its young population. If elected, how would the new AfDB key into Africa’s youthful population?
Africa’s young people are innovative, resilient, and determined to take their rightful place in the world. They are more confident in their self-determination than our generation, and we owe it to them to create the environment for them to excel without the burden of our development mistakes of the past. To this end, we must address the rising levels of debt distress in Africa. The pace of the G20 Common Framework is inadequate given the number of countries in debt distress. This work needs to include working with African countries on transformation of debt restructuring affecting many African countries. Given the limited global resources available, this work includes improving domestic resource mobilization efforts and strengthening public financial management frameworks, systems, and skills.
Debt is becoming a huge problem...
That is true. But it is not an insurmountable problem. We have the experience and tools to work through effective debt resolution and ensure that governments have the level of resources we need to invest in the health, education, training and employment of our youths.
How best can African countries address the current debt crisis and create jobs for the youth?
We must match our work on debt with our work on addressing the underserved domestic private sector to increase their ability to ease the fiscal pressures on government through taxes, job creation, and private sector-financed disaster risk financing instruments. Only the private sector can absorb the significant job demands for our youth. We have 10 million young people coming into the job market every year, but only produce 3 million jobs. Africa’s development must be a job creation story!
Where do you hope to take AfDB in five years’ time, if you are given the mandate?
My dream for the AfDB is of an institution that confidently and persistently uses its deep and broad knowledge and funding to support countries achieve good development outcomes for its people. A Development Bank that has a reputation for effective and timely implementation of ambitious development programs that make a difference in the lives of all Africans on the continent, especially our children and grandchildren. They deserve better. We owe it to them. I am passionate about leading the AfDB with resolute clarity of purpose, efficient processes, strong partnerships, and a focus on people so that our continent can take control of its future.
