The African Development Bank (AfDB) has announced the appointment of South Africa’s Bajabulile Tshabalala as its new senior vice president effective from next month.

The bank is a multilateral development finance institution which lends to governments and private companies on the continent.

Tshabalala has nearly 30 years of experience in management, finance and risk management.

She’s been with the African Development Bank for the past three years where she served as vice president and Chief Financial Officer.

Loan to Lesotho water project

The Bank’s Board of Directors approved a loan of almost R1,29 billion to co-finance the second phase of the Lesotho Highlands Water Project.

This includes a 38 kilometer-long water transfer tunnel, roads, bridges, telecommunications infrastructure, and extended electricity and other development infrastructure to Lesotho.

While the project is already meeting key landmark achievements, financing this mega structure project has always been a challenge.

VIDEO: African Development Bank approves loan towards Lesotho Highlands Water Project