Kenyan President William Ruto says Africa has enough domestic capital to finance its own development and reduce dependence on external funding.
Ruto was speaking on Tuesday during the opening ceremony of the Africa Forward Summit in Nairobi, Kenya, co-hosted by Kenya and France.
The Kenyan leader said Africa holds more than four-trillion US dollars in long-term domestic savings, including pension funds, insurance assets, and central bank reserves, but much of the capital remains underutilized.
He noted that despite the availability of these resources within African economies, governments across the continent continue to struggle to finance critical infrastructure projects, including transport corridors, energy systems, industrial parks, logistics networks, and affordable housing.
The much-anticipated Kenya-France Africa Forward Summit has officially kicked off in Nairobi, Kenya marking the first time the forum is being held outside France’s traditional Sahel sphere of influence.
The summit has brought together about 30 African heads of state alongside French President Emmanuel Macron, as France moves to strengthen diplomatic and economic ties with new African partners following its withdrawal from several Sahel nations.
In his opening remarks, Ruto said Africa has sufficient untapped domestic capital to finance key infrastructure and development projects across the continent.
–Channel Africa–
