Kenya Commits $120mln to AfDB and ADF, Says President Ruto
Friday, 31 May 2024 17:13
Kenyan President William Ruto announced on May 29 that Kenya will invest $120 million in the African Development Bank (AfDB) and the African Development Fund (ADF) over the coming years.
Speaking at the AfDB Annual Meetings in Nairobi, Ruto detailed that Kenya will invest $100 million over the next three years to increase its stake in the pan-African financial institution. This follows similar investments in Afreximbank and other development institutions.
Ruto also committed an additional $20 million to the ADF, the AfDB's concessional financing window, for its 17th replenishment.
According to President Ruto, Kenya has already invested in six major African initiatives and is continuing discussions on future investments. He emphasized the importance of trusting African institutions first to encourage others to follow suit.
In his speech, Ruto also urged the international community to reform the global financial architecture, criticizing the high costs of financing for African countries.
Live News
-
Cameroon power sector lost CFA4.65bn from prepaid tariff gap in 2024
20:15
-
Guinea-Bissau Sets Legislative and Presidential Elections for December 6, 2026
19:34
-
Three African Films Enter Golden Bear Race at Berlinale 2026
19:30
-
Italy’s Eni to Sell 10% Stake in Côte d’Ivoire’s Largest Oil Field
19:17
-
South Sudan Approves $9 Billion Fiber Network to Accelerate Digital Push
18:54
-
Madagascar to Train 1,000 Young People in Digital Skills by June Under D-CLIC Program
17:54
-
Zimbabwe Deploys Starlink to Expand Internet Access in Schools
17:51
-
Burundi Digitizes Tax Collection With Launch of e-KORI System
17:47
-
Paulo Matos Uses AI to Turn Corporate Ideas Into Measurable Results
17:33
-
State Authorises FCFA 1650 billion Domestic and External Borrowing to Fund Projects, Clear Outstanding Bills
17:17
Togolese banks provided 16.2% of WAEMU cross-border credit by September 2025 Regional cross...
Microfinance deposits in Togo increased by CFA11.9 billion, a 2.7% rise in the second quarter of 2...
Nigerian fintech Paystack launches Paystack Microfinance Bank Bank created after acquiring ...
Tether partnered with the United Nations Office on Drugs and Crime to strengthen digital asset cyb...
Nigeria granted Amazon Kuiper a seven-year license starting February 2026 The move opens comp...
Guinea-Bissau scheduled both legislative and presidential elections for December 6, 2026 by presidential decree. The transition government said...
Eni agreed to sell a 10% stake in the Baleine project to Azerbaijan’s state oil company SOCAR, subject to regulatory approval. The deal leaves Eni as...
South Sudan approved more than $9 billion to build a national fiber-optic backbone. Authorities created a supervisory committee to tighten...
Emmerson Plc launched the initial phase of arbitration against Morocco over the Khemisset potash project. The $525 million project stalled after...
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...
Ambohimanga is a hill located about twenty kilometres northeast of Antananarivo, in Madagascar’s Central Highlands. It holds a central place in the...