ABIDJAN, Ivory Coast (AP) -- The African Development Bank elected Mauritanian economist Sidi Ould Tah as its next president on Thursday to steer the region's top development finance institution through difficult times amid funding cuts from the U.S. and other key partners.

Tah, 60, was elected by the bank's board of governors, which includes finance ministers and central bank governors from its 81 regional and non-regional member countries. He will take over on Sept. 1 for a five-year term, succeeding Nigeria's Akinwumi Adesina, who is stepping down after two terms.

The election took three rounds of voting to decide between the five candidates in the contest. Tah won with 76.18% of the vote, ahead of Zambia's Samuel Maimbo (with 20.26%), who is a vice-president of the World Bank, and former Senegalese economy minister Amadou Hott (3.55%).

The vote came during the bank's annual meetings in Abidjan, Ivory Coast, where economic headwinds -- from debt distress to climate shocks -- have dominated discussions.

Observers see Tah's leadership as pivotal in steering the institution through a period of rising pressure on African economies and tightening global development finance.

"The AfDB's role is now more critical than ever," said Bismark Rewane, an economist and chief executive of Lagos-based Financial Derivatives Co. He called for "African resilience" at a time when "no one is going to pick the chestnut out of the fire" for African countries.

"Africa has to look more inwards and be innovative in its thinking to thrive," Rewane said.

Since 2015, Tah has been managing the Arab Bank for Economic Development in Africa, based in Khartoum, Sudan.

He has formerly held senior government roles in Mauritania, including minister of agriculture and minister of economy and rural development, and was an economic advisor to the president.

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Adebayo reported from Abuja, Nigeria.