Two words pop up when you discuss Africa’s development with Dr. Samuel Munzele Maimbo: urgency and fast-track. The World Bank’s Vice President for Budget, Performance Review and Strategic Planning, believes Africa can’t be accused of being too hasty no matter how fast it strives in its effort to be taken seriously, globally. As the world prepares to elect a new helmsman at Africa’s premier multilateral finance institution, the African Development Bank (AfDB), the Zambian national and development expert and candidate of the Southern African Development Community (SADC) sees an opportunity to offer his service, given his wealth of experience. In this interview with Banking & Finance magazine, Dr. Maimbo opens up on his motivation for seeking the top job, among other issues.
You are one of the top contenders for the Presidency of the African Development Bank (AfDB) in 2025. What is your motivation?
The simple truth is that Africa’s financing requirements for the next couple of decades are so much greater than her present ability to pay. To get back on track towards our development objectives, we must candidly 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 and instead, turbocharge our continent so that it is fit for the future.
Under my leadership the AfDB will focus on bridging the gap between available concessional financing and development needs by maximising the range of financing institutions available in Africa; improving the long-term fiscal strategy by redefining our global debt resolution efforts and domestic resource mobilisation efforts, and making sure that countries are investing in Africa’s future by prioritizing appropriate investments in our immense natural and human resources, and driving a more prosperous future for all.
What are those special things that you intend to bring to the table, if given the opportunity to serve as the AfDB President?
Africa’s development needs are clear. What is not always clear are the systems, processes, policies, and procedures for addressing these needs. Far too often, our collective best intentions are overtaken by burdensome or perfunctory procedures and administrative processes that have no place on a continent that urgently needs meaningful transformation. Urgency is of the essence.
Given an opportunity to serve as the AfDB President, I intend to energize the staff with a sense of urgency and build a reputation for getting things done. I intend to strengthen the AfDB’s ability to negotiate through development challenges with a resolute clarity of purpose, a focus on simplifying processes, and a renewed commitment to strong partnerships and service of our people always.
What is your vision for the AfDB?
The AfDB is Africa’s premier development institution with a powerful mission that I strongly believe in — to contribute to the African countries’ sustainable economic development and social progress. But it is a mission that is at risk without significantly more ambitious collective action. In an increasingly polarized world, an Africa burdened by unsustainable debt levels and facing more frequent and impactful climate risks simply cannot achieve that mission.
My vision for the AfDB is that it becomes the institution at the forefront of leading the largest number of African countries from developing to developed country status in our generation; that it is associated with helping our youth confidently confront the future with the firm conviction that their future in Africa is as bright as it can be anywhere in the world.
I do not simply want the AfDB to have a seat at the table of development. I want the AfDB to own the table at which anyone who wants to contribute to Africa’s development willingly comes to sit because they have confidence in an institution that has a renewed reputation for getting this done — transparently and consistently. This will be done by refocusing all its regional and national programmes on sustainable long-term growth strategies.
What qualities stand you out in this contest? Simply put, why should shareholders vote for you?
The qualities I would put at the top of the list are my financial skills, my negotiating skills, and the managerial and leadership capacity I have earned by working within the highest office of the World Bank. All of these are essential for Africa’s development in the world today. We often overlook the fact that multilateral development institutions (MDBs) are banks. Shareholders need someone who has a deep understanding of the inner workings of financial institutions. They also need someone who has the ability and team spirit to manage the institution. I have lived the design, development, and implementation of financial products for the better part of 25 years. Financial analysis, risk management, budgeting and forecasting, and strategic planning are essential skills for an effective chief executive of a financial institution. These are skills I have used effectively in shortening the World Bank’s business planning and budgeting process from nine months to three months. Just as important are negotiating skills. Development is a people business in which conflicting interests between key stakeholders are the norm.
I come with years of experience in negotiating through complex challenges facing stakeholders with seemingly irreconcilable views. Over the years, I have combined these skills to support Africa’s development. For example, I led the “Making Finance Work for Africa” initiative and co-authored the World Bank’s Africa Region flagship financial sector research publication: “Financing Africa: Through the Crisis and Beyond”, published in 2011 and the World Bank’s publication, “Financial Sector Development in Africa: Opportunities and Challenges”, published in 2012. Both publications have been the bedrock of the policy on the continent for financial deregulation, increasing long-term finance and financial access. I designed, developed, and delivered the 2018 Development Finance Forum in Africa hosted by President Paul Kagame, which convened 300 participants to discuss Housing, Tourism, and Agriculture. I shall make a positive difference in AfDB and Africa. I have both the managerial and leadership capacity and experience to deliver. I have served as Chief of Staff to two World Bank Presidents, through which I gained valuable insight in positively managing a global institution.
What are some of the major challenges confronting Africa and what is your strategic approach to addressing them?
Some of the challenges confronting Africa today include poverty, food insecurity, infrastructure deficit, high levels of national debt, climate change and fragility. When you are confronted with so many challenges in a resource constrained environment, you must focus on the most fundamental ones with overwhelming force. We must commit sufficient financial resources to overwhelm development challenges, establish new self-sustaining institutional and human capacity, and long-term economic and political consensus of their resolution. As Zambia’s founding father, Kenneth Kaunda once said, “To build a new Africa, we must act together, act now, and act decisively”. That statement is as true today as it was then.
How would you leverage your many years’ experience at the World Bank to reposition the AfDB to effectively drive economic development and social progress in Africa?
My 30-year career in international finance and development, including as a Vice President of the World Bank, has prepared me to lead the AfDB at this pivotal moment. Having worked on projects in over 40 countries, I have a proven track record of leadership which creates sustained change, accomplishments which drive visible results, and building financial systems that deliver real impact. I have successfully led national, regional, and global teams in development, financial markets, resource mobilization and strategic planning.
As the Vice President for Budget, Performance Review and Strategic Planning of the World Bank, I have overseen transformation of its business, planning, and budgeting process. Previously, I served as the Chief of Staff to World Bank Presidents David Malpass and Ajay Banga, as well as Senior Advisor to two World Bank Group CFOs. I also served as the Director of the International Development Association (IDA) Resource Mobilization and International Bank for Reconstruction and Development (IBRD) Corporate Finance department, where I was responsible for the implementation of IDA’s hybrid financial model and the policy analysis of IBRD income and corporate finance. In this role, I oversaw the successful IDA20 replenishment one year early, with a record amount of $93 billion. This is the largest source of development finance for the world’s 75 poorest countries, 39 of which are in Africa
If you succeed, where do you hope to take AfDB in five years’ time?
My vision for the AfDB is of an institution that relentlessly uses its knowledge and funding to support countries in attracting favourable offers from multilateral institutions, governments, philanthropy, and the private sector. A purposeful, process-efficient, partnership-driven, and people-centric Africa will be fit to take control of its future.
The AfDB will work towards a future in which, first, development conferences on Africa in donor countries have been replaced by investor conferences in African capitals; second, African countries are no longer dealing with more than 200 donor agencies but instead working with 200 private sector investment hubs and funds; third, African citizens have an abundant choice of good jobs in Africa spurred by sustained and creative economic growth, and fourth, governments in Africa that require development assistance receive it from both within and outside of Africa.