In a decisive move showcasing Kenya's unwavering commitment to the economic advancement of Africa, President William Ruto unveiled plans to elevate Kenya's stakes in three prominent African financial institutions by Sh13.2 billion.

The announcement, made during the esteemed African Development Bank (AfDB) annual meetings in Nairobi, underscores Kenya's pivotal role in driving continental prosperity.

Ruto's declaration signals a resolute belief in Africa's potential for growth and development.

"Nations in this continent, we must begin to understand that if others are to believe in our institutions, we must believe in them first, as the owners," President Ruto affirmed, emphasising the imperative for self-reliance and confidence in Indigenous financial bodies.

Afrexim Bank, renowned for its facilitation of trade-centric ventures throughout Africa, witnessed a notable upswing in profits last fiscal year, with a remarkable 66 per cent surge to Sh99.8 billion.

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Reflecting on this buoyant performance, Ruto urged both public and private entities to emulate Kenya's bold investment endeavours.

The African Development Bank, dedicated exclusively to advancing African nations, experienced a commendable upsurge in earnings, achieving a net income before distribution of Sh71.8 billion, a historic pinnacle.

Kenya's augmented investment will fortify its position within this premier development institution, affirming its commitment to fostering economic prosperity continent-wide.

Moreover, the Trade and Development Bank, domiciled in Cairo, Egypt, and Bujumbura, Burundi, stands to benefit from Kenya's bolstered financial support.

Complementing the Sh13.2 billion investment, Kenya pledged an additional Sh2.6 billion to the AfDB concessional window, earmarked for vulnerable nations.

Ruto underscored the significance of demonstrating steadfast commitment to such investments, underscoring Kenya's unwavering confidence in the AfDB's concessional window.

"It is a demonstration that for us to raise $25 billion, we need to demonstrate our commitment and belief in the investment we are making in this institution," Ruto asserted.

Kenya's proactive stance exemplifies the collective resolve of African nations to fortify financial institutions, steering the course towards economic resilience and sustainable development.

With an invigorated focus on strengthening Indigenous financial bodies, Kenya sets a precedent for proactive engagement in shaping Africa's evolving economic landscape.