Kenya has announced a major financial commitment to African led institutions, pledging a total of $150 million (Ksh. 19 billion) to two key multilateral banks. This is part of a strategy to secure long-term, low-cost financing and reduce reliance on traditional Western lenders.
The announcement was made by President William Ruto on Wednesday, October 9, 2025, during his acceptance speech as the new Chair of the Common Market for Eastern and Southern Africa (COMESA) at the 24th Heads of State and Government Summit in Nairobi.
The $150 million commitment is split between two institutions:
- Trade and Development Bank (TDB): Kenya will invest an additional $100 million (about Sh13.2 billion) to significantly enhance its shareholding in the regional bank.
- Afreximbank: The country has already committed $50 million as share capital to the African Export-Import Bank.
President Ruto stated that this increased shareholding is a strategic move designed to open the door to long-term facilities of up to 25 years at interest rates as low as 2%. This access to cheaper and longer-term credit is crucial for driving major national development and infrastructure projects, aligning with the President’s debt restructuring and economic growth agenda.
The capital injection is part of Kenya’s broader policy to throw its weight behind homegrown African financial institutions, which also include Shelter Afrique and the African Trade and Investment Development Insurance (ATIDI).
President Ruto framed this decision as an essential strategic shift, stating that these institutions give African countries greater control over their economic destiny. He contrasted them with traditional Western lenders, such as the IMF and World Bank, which he characterized as being “trapped in the architecture of a bygone era.”
“These African-led banks are proving to be true partners in progress,” Ruto emphasized, noting that they offer financing terms that better reflect the realities and priorities of African nations.
President Ruto’s inaugural speech as COMESA chair outlined a bold vision for the regional bloc. He called for massive joint investments in digital infrastructure, including modern transport corridors, secure cloud services, and harmonized regulatory frameworks to integrate supply chains and connect entrepreneurs and producers to markets without bottlenecks.
He also reiterated Kenya’s commitment to dropping visa requirements for most African countries, stating that “Africa’s strength lies in its openness and unity.” The President stressed that Africa must evolve from being a mere supplier of raw materials to a producer of finished goods and technology-driven solutions, becoming an “innovator, and exporter of digital solutions, shaping our own economic destiny.”