President William Ruto has reiterated that Africa needs a new financing institution that is progressive to deal with the continents development needs.
Speakings during the 39th Annual General Meeting of the Trade and Development Bank Group, Ruto said the current Bretton Woods financing system is disadvantaging the continent’s economic growth due to debt cycles.
He urged African countries to consider getting alternative financing partners .
The president said in the wake of limited resources coupled with global economic slump, the continent must liberate itself from financial institutions that have burdened it with debts.
President Ruto noted that Africa needs a development financing institutional framework that can handle this unprecedented opportunity effectively and deliver transformations in terms of integration through connectivity, economic development and climate resilience.
Trade Development Bank Group Almassu Tadese said there is need to facilitate for open markets to increase regional investments.
During the meeting, Kenya secured a Ksh 14 million grant for the Thome Water Project in Laikipia County.