President Ruto sustains push for new order in financing for Africa

President William Ruto has sustained the push for a new order in financing in the African continent.

Speaking in Nairobi during the 39th Annual General Meeting of the Trade and Development Bank Group, President Ruto said the continent must liberate itself from financial institutions that have burdened it with debts, especially in the wake of limited resources. 

In particular, he noted that Africa needs a new institution that will handle its emerging opportunities effectively.

“Breton Woods institution system was explicitly designed for another purpose and is now fundamentally inadequate and sometimes unfit for the demands of our complex dynamic and interdependent world. We must work with them in the context of how we reform,” said the President.

TDB CEO Admassu Tadesse on his part said. “TDB boasts 47 shareholders from different regions of the African continent, this group of institutional investors today account for 300 million dollars of institutional capital invested in TDB; this is a symbol that African capital exists and it is willing to invest in its own development in Africa.”