Kenya to invest Ksh.13.2 billion in African Development Bank

President William Ruto has committed Kenya to a USD 100 million investment over the next three years in the continent's multilateral financial institutions.

The amount, which translates to Ksh.13.2 billion, is part of Kenya's move to increase its shareholding in the institutions, in what the President termed as a vote of confidence.

The funds will be invested in the Africa Development Bank, Afreximbank, and the Trade Development Bank.

The President's commitment came during the official opening of the Africa Development Bank’s 59th summit where other Heads of State reiterated their frustration with the current multilateral setup.

President Ruto committed a further USD 20 million or Ksh.2.6 billion for the Africa Development Fund, the concessional wing of the Africa Development Bank.

The move will make Kenya the highest regional contributor in unlocking additional funding for high-priority development projects.

On the back of the IDA meetings in the country earlier this month, the President once again raised his push for a substantial replenishment of the African Development Fund by at least USD 25 billion or Ksh.3.3 trillion to increase its capacity to continue providing concessional financing to the least-developed African countries.

"I take this opportunity to reiterate my call at the recently concluded IDA21 Summit held here in Nairobi: That we appeal for a substantial 17th replenishment of the African Development Fund by at least USD 25B to increase its capacity to continue providing concessional financing to the least developed African countries," said President Ruto.

He called on donor partners and development partners to scale up their investments in the continent by re-channelling Special Drawing Rights (SDRS) through the African Development Bank, the premier development financial institution.

His sentiments were echoed by Rwanda’s President Paul Kagame as the push for reforms of the global architecture intensified.

“We are here discussing the architecture, we must have the architect in mind...what was their plan, they must have looked for ways to benefit themselves,” said Kagame.

Ruto added: “We have been negatively profiled for far too long, if we can work for an Africa credit rating that will help put factual information into the financial architecture so that this unnecessary risk profiling is reduced.”