In a move to enhance Africa’s economic sovereignty, President William Ruto has unveiled Kenya’s substantial investment of USD 100 million (equivalent to Ksh13.25 billion) in key African financial institutions, aiming to fortify the continent’s banking sector and foster confidence in its economic capabilities.

Speaking at the African Development Bank’s Annual Meetings 2024 on Wednesday, President Ruto announced Kenya’s plans to inject funds into the African Development Bank (AfDB), African Export–Import Bank (Afreximbank), and the Trade and Development Bank over the next three years, with the objective of amplifying Kenya’s stake in these institutions.

“As nations on this continent, we must begin to understand that if others are to believe in our institutions, we must believe in them first as the owners,” emphasized President Ruto, underscoring the imperative for African nations to assert ownership over their financial infrastructure.

In addition to the investments in AfDB, Afreximbank, and the Trade and Development Bank, Kenya is set to allocate USD 20 million to the Africa Development Fund (ADF), the concessional arm of the African Development Bank Group, aimed at supporting countries at various economic development stages.

Moreover, President Ruto highlighted the pressing need for fairer lending terms for African nations, lamenting the current disparity in interest rates faced by African economies compared to the rest of the world. His remarks underscore the urgent call for reforms to rectify the unjust financial architecture that hampers African countries’ development prospects.

Kenya’s strategic investments in these pivotal financial institutions are poised to not only bolster the continent’s financial resilience but also pave the way for a more equitable and sustainable economic future.