NAIROBI, Kenya- African Development Bank (AfDB) has acknowledged Kenya’s commitment to finance the lender’s development projects across the continent.
AfDB President Akinwumi Adesina welcomed President William Ruto’s pronouncement of $20 million (Sh 2.6 billion, based on the current exchange rate) to the bank, during its 59th Annual General Meeting (AGM) held in Nairobi.
Why Kenya’s funding to AfDB is essential
In a vote of thanks posted on his X platform (formerly Twitter), Adesina revealed that the support from Kenya is the largest ever contributed by an African country to the Fund.
“President William Ruto of Kenya announced $20 million support by Kenya to the African Development Fund. This marks the largest contribution by an African country to the Fund,” said Adesina.
Adesina, who is also the Minister for Agriculture in the Republic of Nigeria, applauded Ruto for hosting an exceptionally successful AGM at the Kenyatta International Conventional Centre (KICC) on May 29, 2024.
Ruto urged other African countries to raise their investment portfolio in AfDB as a show of confidence in the continent’s lender, before foreign investors could come in.
How much does Kenya plan to invest in AfDB
The head of state confirmed that in the next three years, Kenya will have invested $100 million to help the bank in financing transformational development projects across the continent.
“”Kenya has made a decision that over the next three years, we are going to invest $100 million (KSh 13.2 billion) in enhancing our shareholding in Africa Development Bank (AfDB), Afrexim Bank & the Trade & Development Bank (TDB).
“As a demonstration of Kenya’s commitment in the Africa Development Fund (ADF), we are making a commitment of $20 million (KSh 2.6 billion) in that,” said Ruto.
Ruto also called for a deepened African integration, adding that if leveraged in the right manner there will be more opportunities for African youths.
He reiterated that the initiatives could accelerate the continents economy and generate job opportunities.
“The African integration should be deepened to spur increased intra-continental trade. This intervention will accelerate economic growth and generate more productive jobs for millions of our young people,” said Ruto.
