Kenya has increased its shareholding in the Trade and Development Bank (TDB) by $100 million, according to President William Ruto. The move is part of the country’s efforts to empower African financial institutions. Additionally, Kenya has committed $50 million to Afreximbank as share capital. As a result of the increased shareholding in TDB, Kenya can now access long-term financing with repayment terms of up to 25 years at interest rates as low as 2 percent.

President Ruto made the announcement during the 24th COMESA Summit of Heads of State and Government in Nairobi. He emphasized the importance of strengthening African-led financial institutions, which he believes are crucial for the continent’s progress. By capitalizing these entities, Africa can deepen regional financial integration and ensure that its development is financed on terms that reflect its realities and priorities.

The President noted that Africa’s development objectives depend on access to equitable, affordable, and sustainable financing mechanisms. He criticized the global financial system, which he said is still dominated by wealthy nations, resulting in persistent inequities and limited voice for developing countries. President Ruto called on African states to work together towards continental integration, beyond trade agreements and shared markets, to achieve the free movement of people, goods, and services.

To increase intra-African trade, the President emphasized the need to address visa restrictions that hinder the free movement of people. He pointed out that Africa contributes only 3 percent to global trade and 14 percent to intra-African trade, compared to intra-European trade at 70 percent and Asia at 60 percent. President Ruto announced that Kenya has removed travel restrictions for Africans, resulting in a doubling of visitors to the country. He urged other African countries to follow suit and remove visa restrictions to unlock the full potential of a borderless and prosperous Africa.

The COMESA Summit, held under the theme “Leveraging Digitalisation to Deepen Regional Value Chains for Sustainable and Inclusive Growth,” brought together leaders from across the continent. President Ruto took over the chairmanship of COMESA from President Évariste Ndayishimiye of Burundi and pledged to build on his achievements. The President called on COMESA Member States to invest in digital infrastructure, data governance, and human capacity building to empower citizens to thrive in the digital economy. With the new leadership in place, COMESA is poised to drive regional integration and economic growth in Africa.