President William Ruto visited the African Finance Corporation (AFC), in Lagos, Nigeria, a multilateral institution has become a cornerstone of Africa’s infrastructure and economic development.
His visit was a declaration of Kenya’s commitment to African-led financial solutions and regional integration.
At the AFC, he announced Kenya’s growing financial and development partnership with the Pan-African institution.
“In our support for African financial institutions, Kenya boosted its shareholding in AFC by $25 million (Ksh 3.25 billion),” Ruto said.
By increasing the stake, Kenya will gain a greater influence in AFC’s decision-making processes, ensuring that projects critical to East Africa’s growth are prioritized.
President Ruto highlighted the ongoing collaborations with AFC in the Dongo Kundu Integrated Industrial Park in Mombasa, which is expected to boost Kenya’s export capacity, create jobs and energize the coastal economy.
It will also boost the Naivasha Special Economic Zone, which is situated near geothermal power plants and the Standard Gauge Railway, offering investors affordable energy and efficient transport links.
The AFC’s expansion into Nairobi marks a significant shift in Africa’s financial architecture, decentralizing operations and creating new centers of regional financial hubs.
