NAIROBI, Kenya — President William Ruto has urged African nations to strengthen their support for continental financial institutions, saying they hold the key to Africa’s economic transformation and self-reliance.
Speaking after meeting United Bank for Africa (UBA) Chairperson Tony Elumelu at State House, Nairobi, on Monday, President Ruto said institutions such as the African Development Bank (AfDB), Trade and Development Bank (TDB), Africa Export-Import Bank (Afreximbank), and Africa Finance Corporation (AFC) are instrumental in delivering solutions tailored to Africa’s needs.
“It is crucial for African countries to support African multilateral financial institutions as the continent seeks more partners in the transformation agenda,” he said in a statement posted on X. “These institutions have a crucial role in offering the continent solutions that we may not get elsewhere.”
President Ruto noted that Kenya has taken the lead by increasing its shareholding in several African financial bodies, a move he said has translated into greater infrastructure support.
“In our drive to transform our country from the third to the first world, we will be seeking partnerships and collaboration with African institutions in energy generation, dam construction, and port and railway expansion,” he said.
The Head of State’s remarks align with his broader push for Africa to chart a more independent financial path, reducing reliance on external lenders and promoting regional investment frameworks.
During the meeting, Ruto and Elumelu agreed to strengthen cooperation on programmes and projects aimed at accelerating Kenya’s economic transformation.
Mr. Elumelu, whose bank operates in 20 African countries, has been an advocate for intra-African trade and private-sector-led growth under the African Continental Free Trade Area (AfCFTA).
The meeting underscored Kenya’s growing engagement with regional financial partners as the government seeks sustainable funding for its infrastructure and industrialisation agenda.
