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.”
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