The South African government has officially endorsed financial strategist and former Senior Vice President of the African Development Bank (AfDB), Swazi Tshabalala, for the Bank’s presidency. Tshabalala, who recently announced her candidacy, has received strong backing from South Africa’s Minister of Finance, Enoch Godongwana.
Reaffirming his support, Godongwana highlighted Tshabalala’s extensive expertise in finance, infrastructure, and economic development, noting that her leadership would accelerate Africa’s economic transformation.
“Tshabalala is an exceptional leader with a proven track record in finance, infrastructure, and economic development. Her extensive experience at the African Development Bank and beyond makes her the ideal candidate to lead the institution into a new era of financial resilience and impact-driven growth. South Africa fully supports her candidacy and believes that under her leadership, the AfDB will play an even greater role in accelerating Africa’s economic transformation and unlocking opportunities for all its people,” he stated.
With over three decades of experience in infrastructure finance, hybrid capital solutions, and economic development, Tshabalala has played a key role in mobilizing capital for Africa’s most pressing needs. She spearheaded the Bank’s financial response to the COVID-19 pandemic and introduced innovative funding mechanisms that have since been adopted by global financial institutions.
Tshabalala outlined her vision for the AfDB, emphasizing the need for financial robustness, strategic partnerships, and transformative growth. “Africa stands at a pivotal moment, and the AfDB must rise to meet the continent’s ambitions with bold, strategic action. My vision is to build a financially strong, results-driven AfDB that prioritizes infrastructure, expands innovative financing solutions, and strengthens partnerships to unlock Africa’s full economic potential. This is not just about investment, it’s about delivering real, lasting impact for African nations and their people,” she stated
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Tshabalala first joined the AfDB in 2018 and was appointed Senior Vice President in 2021, a position she held until her resignation in 2024 to pursue the presidency. Before her tenure at the Bank, she held leadership roles at Old Mutual Employee Benefits, Standard Bank Group, and Transnet Limited, where she managed large-scale infrastructure projects. She also served as CEO of the Industrial Development Group (IDG) from 2006 to 2014, driving investment in key sectors across Africa. She holds a BA in Economics from Lawrence University and an MBA from Wake Forest University.
Recognized for her strategic contributions, the AfDB’s President and Chair of the Boards of Directors commended her leadership in advancing the Bank’s mission and financial sustainability. Tshabalala has emphasized that infrastructure development will be a key focus of her presidency, noting that reliable roads, ports, rail networks, energy systems, and digital infrastructure are critical to Africa’s trade potential, industrial capacity, and job creation.
One of Tshabalala’s major achievements has been the introduction of hybrid capital financing at AfDB, an innovative mechanism that attracts private sector investment while maintaining financial stability. This approach has been adopted by other global financial institutions, reinforcing its effectiveness in unlocking new sources of development capital. Under her leadership, she aims to expand the use of hybrid instruments to diversify AfDB’s funding base and increase financing for transformative projects.
