Kenya has increased its shareholding in the Trade and Development Bank (TDB) by $100 million, President William Ruto announced. The additional investment, together with a $50 million share‑capital commitment to Afreximbank, is part of Kenya’s broader effort to empower African financial institutions. As a result of the larger stake in TDB, Kenya can now obtain long‑term financing with repayment periods of up to 25 years and interest rates as low as 2 percent.
Ruto made the announcement at the 24th COMESA Summit of Heads of State and Government in Nairobi, stressing the importance of strengthening African‑led financial institutions for the continent’s progress. He argued that capitalising these entities will deepen regional financial integration and ensure development is financed on terms that reflect Africa’s realities and priorities. According to the President, Africa’s development goals depend on access to equitable, affordable and sustainable financing mechanisms. He criticised the global financial system for remaining dominated by wealthy nations, which perpetuates inequities and limits the voice of developing countries.
The President called on African states to cooperate beyond trade agreements and shared markets, aiming for the free movement of people, goods and services. To boost intra‑African trade, he highlighted the need to remove visa restrictions that hinder mobility. Ruto noted that Africa accounts for only 3 percent of global trade and 14 percent of intra‑African trade, compared with 70 percent intra‑European trade and 60 percent intra‑Asian trade. Kenya has already lifted travel restrictions for Africans, resulting in a doubling of visitors, and Ruto urged other countries to follow suit to unlock the full potential of a borderless, prosperous Africa.
The COMESA Summit, themed “Leveraging Digitalisation to Deepen Regional Value Chains for Sustainable and Inclusive Growth,” gathered leaders from across the continent. Ruto assumed the COMESA chairmanship from President Évariste Ndayishimiye of Burundi and pledged to build on his predecessor’s achievements. He called on COMESA member states to invest in digital infrastructure, data governance and human‑capacity building so citizens can thrive in the digital economy. With new leadership in place, COMESA is poised to drive regional integration and economic growth in Africa.
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