First woman candidate for AfDB boss says Africa must retain wealth

Cristina Duarte, Cape Verde’s Finance Minister. Photographer: Nicholas Kamm/AFP/Getty Images

Cristina Duarte, the finance minister from Cape Verde who is the first woman to stand for the presidency of the African Development Bank, said the lender should encourage wealth generated in Africa to stay on the continent.

Duarte, 52, who has managed the West African island nation’s economy since 2006, is one of eight contenders to succeed Donald Kaberuka when he steps down at the end of his second five-year term in August.

“The main challenge in Africa, the first challenge to African policymakers, is to retain the wealth that Africa loses every year,” she said by phone from the capital, Praia. She cited a United Nations Economic Commission for Africa report which estimated illicit flows of money from Africa could be as much as $50 billion a year.

Read more: Woman Candidate for AfDB Boss Says Africa Must Retain Wealth – Bloomberg Business.