The Government of Kenya has announced an ambitious target of increasing its shareholding in the African Development Bank by over $100 million.

According to Kenya’s President William Ruto, this decision furthers his vision of championing reforms in the global financial architecture while ensuring self-sufficiency among African financial and development institutions.

Speaking at the opening ceremony of the 59th African Development Bank Annual Meeting in Nairobi, Kenya, Mr. Ruto called for support and investments in African institutions.

“We therefore call on our donors and development Partners to scale up their investment in our continent's Premier development financial Institution,” the President added.

The theme of the 2024 Annual Meetings is Africa's Transformation, the African Development Bank Group, and the Reform of the Global Financial Architecture which President Ruto considers as relevant to the discourse of the African Development Agenda.

As the new African Union Champion for Institutional Reforms President Ruto pledged his support for Development institutions such as the African Development Bank.