South Africa’s Finance Ministry on Wednesday said it would not nominate a candidate for the position of president of the African Development Bank (AfDB), which is due to fill this position in May next year.

“The process of selecting a candidate within the Southern African Development Community is currently under way and South Africa will act in accordance with the collective decision of the region,” the Ministry said in a statement.

It added, however, that it was critical that the elected candidate build on the gains made through Africa’s rise over the past decade.

Rwandan national Donald Kaberuka was currently serving his second five-year term as AfDB president, after having first been elected in 2005.