By Jeff Kizzilah Digital Editor
President William Ruto has called for a new era of African-led financing, saying the New African Financial Architecture for Development is the key to unlocking the continent’s economic transformation and reducing dependence on external funding.
Speaking during the 26th Annual General Meeting dinner of the African Trade and Investment Development Insurance (ATIDI) at State House, Nairobi, President Ruto urged African nations to strengthen and invest in their own financial institutions to mobilise capital, reduce investment risks, and accelerate sustainable development.
The President said Africa must transition from being a recipient of global capital to becoming a mobiliser of its own resources, with strong continental institutions capable of accurately assessing and pricing African investment opportunities.
Highlighting Kenya’s progress, President Ruto announced that the National Infrastructure Fund is set to mobilise KSh300 billion (approximately $2.3 billion) by the end of the week. Leveraged at a ratio of 1:10, the fund is expected to finance major infrastructure projects across the country, demonstrating Kenya’s commitment to innovative domestic financing.
President Ruto also praised ATIDI for its continued partnership with Kenya, noting that the institution has supported more than $7 billion in investments across key sectors, including energy, transport, manufacturing, agriculture, and trade.
To further strengthen this partnership, the President announced that Kenya will progressively increase its shareholding in ATIDI from $25 million to $65 million, reaffirming the country’s commitment to building stronger African financial institutions capable of driving the continent’s long-term economic growth.
The President emphasized that empowering African financial institutions is essential to delivering home-grown solutions, attracting investment, and securing a prosperous future for the continent.
