President William Ruto has reaffirmed Kenya’s support for efforts aimed at strengthening Africa’s financial independence and reducing the continent’s reliance on expensive foreign financing.
Speaking after holding talks with Sidi Ould Tah at State House Nairobi ahead of the upcoming Africa Forward Summit, President Ruto said African financial institutions remain key to achieving the continent’s long-term development goals.
Ruto noted that the African Development Bank Group has continued to play a major role in Kenya’s development through investments in roads, water infrastructure, hospitals and other critical projects that directly impact citizens’ lives.
“African financial institutions, including the African Development Bank Group, are critical to the achievement of the ambitious goals that the continent has set itself,’Ruto said.
The President said Kenya fully supports the Bank’s push for a New African Financial Architecture Framework, describing the initiative as a bold step towards unlocking Africa’s economic potential and strengthening financial sovereignty across the continent.
According to Ruto, the framework seeks to lower the cost of capital for African countries, mobilise sustainable financing, and accelerate the implementation of African Union’s Agenda 2063 development blueprint.
The meeting comes ahead of the Africa Forward Summit, which begins in Nairobi on Monday and is expected to bring together African leaders, policymakers and financial stakeholders to discuss the continent’s economic future and development priorities.
