The current international financial development architecture is inadequate and deficient for the modern world, President William Ruto has said.
Speaking in Nairobi during the 39th Annual General Meeting of the Trade and Development Bank Group, President Ruto said the continent must free itself from financial institutions that have burdened it with debts, especially considering the limited resources available.
“Breton Woods institution system was explicitly designed for another purpose and is now fundamentally inadequate and sometimes unfit for the demands of our complex dynamic and interdependent world. We must work with them in the context of how we reform,” said the President.
Ruto specifically highlighted the need for a new institution in Africa that can effectively handle the emerging opportunities and challenges facing the continent.
“Africa requires a new development finance reality, one led by inclusive institutions committed to progressive programmes that will accelerate and augment sustainable development across the continent,” he said.
TDB CEO Admassu Tadesse on his part said. “TDB boasts 47 shareholders from different regions of the African continent, this group of institutional investors today account for 300 million dollars of institutional capital invested in TDB; this is a symbol that African capital exists and it is willing to invest in its own development in Africa.”