Kenya will invest US$ 100 million in the African Development Bank (AfDB), Afreximbank, and Trade Development Bank to enable it increase its shareholding in the institutions in the next three years.
The country is one of the beneficiaries of AfDB’s financial might through financing in energy, water sanitation, and roads. Through AfDB financing, the country built the Thika Superhighway, increased electricity penetration from 27 percent to 76 percent in the last decade, and built water and sanitation projects in 28 towns.
“Kenya is among the beneficiaries of AfDB financing projects and I am also motivated by the profits and dividends from the Bank. As a country, we therefore call on donors and development partners to scale up their investments in our development financial institutions,” said President William Ruto during the the unveiling of the African Development Bank Group’s new ten-year strategy 2024-2033 in Nairobi earlier this week.
Key cross-cutting priorities in the strategy include promoting gender equality, investing in young people, responding to climate change, and investing in climate action, supporting fragile states, and promoting good governance and economic stability. The bank will also pursue various options to boost its financing capacity through measures such as Sustainable Hybrid Capital, Risk Transfers, and re-channeling of significant portions of the International Monetary Fund’s Special Drawing Rights through Multilateral Development Banks.
See Also:
More Funding Required to Accelerate Africa’s Development- AfDB
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