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AfDB 2024: Kenya Pledges $100M to Support African Financial Institutions

Kenya’s President, Dr. William Ruto, has announced an investment of $100 million in three major African financial institutions. 

He announced this during his address at the 59th annual meetings of the African Development Bank (AfDB) Group held at the Kenyatta International Convention Centre (KICC) in Nairobi on May 29, 2024.

“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. 

“Kenya has made a decision that over the next three years, we are going to invest $100M in enhancing our shareholding in African Development Bank, AfreximBank and Trade Development Bank.

This move aims to enhance the continent’s economic independence and boost confidence in its banking sector. It will also increase the shares Kenya has in the banks.

Ruto also addressed the high rates of poverty and unemployment on the continent, and linked these issues to vulnerabilities that contribute to conflict, economic refugees, and climate-induced displacement. 

He further stressed the need for quick and major changes, and mentioned Africa’s strong growth rate. 

Also Read: 59th AfDB Annual Conference Kicks Off in Nairobi Kenya

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Additionally, the President highlighted the active role of regional economic groups like the African Continental Free Trade Area (AfCFTA).

“The Pan-African economic integration agenda has finally taken off. Our regional economic blocs are vibrant and effective, while the African Continental Free Trade Area has come into effect and already made an impact. 

“Although much remains to be accomplished before intra-Africa trade is smooth across borders, the data indicates strong positive movement following the launch of the Guided Trading Initiative.

Ruto called for fairer terms that would allow African countries to borrow at more reasonable rates ,in advocating for reformed global financial architecture.

He also highlighted the impact of climate change on Africa, despite the continent contributing only 4% of global carbon emissions. 

Moreover, Ruto said the this AfDB Group meetings are important for promoting plans among leaders from different areas. 

He was also hopeful that the ideas from these meetings will be bold and match the goals of the AU’s Agenda 2063.