By Dorothy Musyoka
President William Ruto has called on China to expand its partnership with Africa by facilitating access to concessional funding for development projects across the continent.
The President emphasized the need for increased financial cooperation between China and Africa to spur sustainable growth and development.
Speaking at a recent event, President Ruto underscored the importance of concessional financing, which offers low-interest rates and extended repayment periods, as a critical tool for African nations to fund vital infrastructure and development projects.
He urged China to lead efforts in rallying various stakeholders to enhance their contributions to multilateral development banks, particularly the International Development Association (IDA) of the World Bank, which provides low-interest financing to developing countries.
“This will enable more African countries to access concessional funding. It will support economies that are heavily affected,” said President Ruto.
The President’s call comes at a time when many African nations are grappling with economic challenges and rising debt burdens, exacerbated by global crises such as the COVID-19 pandemic and climate change.
By increasing access to concessional financing, these countries can accelerate their recovery and build more resilient economies.
The President asked China to support Africa’s call for reforms of the international financial system that, he said, was unjust to many countries in the Global South, including Africa.
He called on China to work with Africa on “debt treatment”, and particularly re-profiling of debt to incorporate a longer grace period and longer tenure for existing and future financial financing.
China has been a significant partner in Africa’s development over the past two decades, investing heavily in infrastructure, trade, and energy.
The Kenyan leader’s remarks are part of broader efforts by African leaders to engage with global partners on equitable financial solutions that promote growth and development across the continent.
The proposal for enhanced cooperation through multilateral development banks could serve as a platform for more balanced and fair financing options that help bridge the development gap in Africa.