President William Ruto has called for the strengthening of African institutions to champion the African agenda.
The President said African institutions have a deep understanding of the continent’s economy and the unique challenges it faces.
He explained that they are, therefore, able to provide customised solutions, and cited the African Export-Import Bank as an example.
“We see the value in growing African institutions that understand our landscape and our economies. They can better support and use creative means to support our economies,” he said.
President Ruto made the remarks during the opening of the Fourth African Sub-sovereign Governments Network Investment Conference in Kisumu City.
Present were National Treasury Cabinet Secretary John Mbadi, Governors Anyang’ Nyong’o (Kisumu), Ken Lusaka (Bungoma), James Orengo (Siaya) and Gladys Wanga (Homa Bay).
Others were Afreximbank President and Board Chair Benedict Oramah and United Cities and Local Governments of Africa Secretary-General Jean Pierre Elong Mbassi.
The President pointed out that Afreximbank has consistently demonstrated innovative approaches in advancing credit to African governments and the public sector.
He said the bank facilitates deeper collaboration among Sub-Saharan countries in line with the aspirations of the African Continental Free Trade Area Agreement.
President Ruto said the bank’s initiatives such as the Pandemic Trade Impact Mitigation Facility and the Fund for Export Development in Africa are clear signals of its commitment to mitigating economic shocks, fostering sustainable industrialisation and enhancing intra-Africa trade.
He explained that Kenya has a framework agreement with Afreximbank worth $3 billion (KSh387 billion), saying it has significantly supported the country’s development agenda.
“They have supported our fuel imports, commodity trade and other aspects of economic endeavours,” he said.
The President also announced that Kenya would sign more agreements with the bank, focusing on infrastructure development, the cotton value chain and investments in the textile industry.
He urged Parliament, which recently concluded mediation talks over the funds to be allocated to the counties this financial year, to speed up the enactment of the Division of Revenue and the County Allocation of Revenue Bills.
“We want to conclude that exercise so that counties can execute their mandate without unnecessary roadblocks,” he said.
Governor Nyong’o said the conference provided an excellent platform for governments to deliberate on ways of enhancing trade and advancing AfCFTA goals.
He urged investors to explore opportunities in Kisumu County, emphasising that thriving businesses would create jobs and spur economic growth.
Prof Oramah highlighted Afreximbank’s commitment to cross-country cooperation to advance AfCFTA objectives.
He urged African nations to do away with visa restrictions to facilitate cross-border movement of people, goods and services.
“Animals need no visa to cross our borders,” he said.
Mr Mbadi, thebTreasury Cabinet Secretary, commended Afreximbank for its dedication to supporting Kenya’s development agenda.
Meanwhile, President Ruto reaffirmed his commitment to uniting the country.
Addressing residents of Kondele and Kisumu City, he assured them that no part of the country would be left behind in the government’s transformative agenda.
The President also said sugar reforms have been successful, resulting in an increase in productivity.
He noted that the country no longer imports sugar.
He added that maize farmers have increased production and promised that the government would continue to support farmers to grow more food.
The President said all Kenyans, regardless of income, would have medical insurance coverage under the Social Health Authority.
“Under the new universal health coverage programme, every citizen will access healthcare. For those unable to pay, the government will cover the costs,” he said.
He also said the government would continue investing in the blue economy in Nyanza to unlock its full potential.
“We must stop importing fish and instead produce our fish,” he emphasised.
Governor Wanga pledged to rally behind President Ruto’s call for national unity.
Distributed by APO Group on behalf of President of the Republic of Kenya.
