President William Ruto has called on African financial institutions to take a leading role in supporting governments to grow economies, deepen capital markets and finance critical infrastructure across the continent.
Ruto made the remarks after meeting Standard Bank Group Chief Executive Officer Sim Tshabalala at State House, Nairobi. The Standard Bank CEO was accompanied by Stanbic Bank Regional Chief Executive Joshua Oigara and Stanbic Bank CEO Michael Mutiga.
The President said African financial institutions that understand the continent’s economic environment are well placed to partner with governments in driving development.
“African financial institutions that understand the continent must lead the way in partnering with governments in growing our economies and capital markets, and developing infrastructure,” Ruto said.
He noted that Standard Bank Group has been an important partner in Kenya’s infrastructure development, including projects such as the planned expansion of the Standard Gauge Railway and the Rironi-Mau Summit Highway.
“Standard Bank Group is a great partner of Kenya in the development of critical infrastructure,” the President said.
Ruto said the government would continue engaging local and international investors to mobilise resources for the National Infrastructure Fund.
The fund is expected to support major projects in key sectors, including transport, aviation and water infrastructure.
“We will continue working with many investors, including the Standard Bank Group, in our National Infrastructure Fund,” Ruto said.
He added that the government was exploring partnerships to finance the construction and improvement of airports, roads, dual carriageways and dams, among other projects.
The President said increased private sector participation and stronger partnerships with African financial institutions would be critical in bridging Kenya’s infrastructure financing gap and accelerating economic growth.
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