{"id":96583,"date":"2024-05-14T09:16:12","date_gmt":"2024-05-14T06:16:12","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=96583"},"modified":"2024-05-14T09:16:12","modified_gmt":"2024-05-14T06:16:12","slug":"ruto-rallies-support-for-renewal-of-african-development-fund","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2024\/05\/ruto-rallies-support-for-renewal-of-african-development-fund\/","title":{"rendered":"Ruto rallies support for renewal of African Development Fund"},"content":{"rendered":"<p><strong>NAIROBI, Kenya, May 14 &#8211; President William Ruto has rallied for the renewal of the African Development Fund, underscoring the transformative impact of the funds in supporting development projects in the country.<\/strong><\/p>\n<p>During a high-level meeting with Akinwumi Adesina, President of the African Development Bank (AfDB), held in Nairobi, the head of state reaffirmed the importance of the fund in promoting the nation\u2019s development.<\/p>\n<p>In his address during the World Bank\u2019s International Development Association (IDA) meeting in Nairobi last month, President Ruto pushed for a substantial $25 billion 17th replenishment of the fund, which supports 37 low-income countries across the continent.<\/p>\n<p>\u201cI will continue to make a strong case for the 17 th replenishment of the African Development Fund. Kenya has benefitted from resources made available to us by the Fund,\u201d said President Ruto.<\/p>\n<p>He cited the Last Mile Connectivity project, which has expanded from 2.5 million households connected to the national electricity grid in 2013\/14 to more than 10 million.<\/p>\n<p>\u201cKenyans know it is a government project, but they need to know it was financed by the African Development Fund. It is making a difference in people\u2019s lives, and we want to invest more to add momentum,\u201d he added.<\/p>\n<p>President Ruto also commended the African Development Bank for funding Kenya Towns Sustainable Water Supply and Sanitation program targeted at ensuring clean water provision to Kenyans.<\/p>\n<p>The ongoing 16<sup>th<\/sup> replenishment, which raised a historic $8.9 billion in December 2022, is set to conclude next year.<\/p>\n<p>Adesina, who jetted into the country to assess preparations for the Bank Group\u2019s 59<sup>th<\/sup> Annual Meetings scheduled to take place on May 27 to May 31 at the Kenyatta International Convention Centre, reiterated that the Bank is committed to collaborating with the government in de-risking lending to agriculture through partial risk guarantees and credit guarantees.<\/p>\n<p>Adesina said Kenya has the potential to replicate Ethiopia\u2019s success of becoming self-sufficient and a net exporter of wheat after deploying the Bank\u2019s flagship Technologies for African Agricultural Transformation (TAAT).<\/p>\n<p>\u201cWe have used partial credit guarantees to support the issuance of a $500 million Panda bond by Egypt. We also used this tool to de-risk a EUR 350 million sustainable development loan for Benin. We did the same for C\u00f4te d\u2019Ivoire to support the mobilization of EUR 533 million in financing for strategic environmental, social and governance projects,\u201d said Adesina African Development Bank President.<\/p>\n<p>When the project was deployed, Ethiopia expanded the cultivated wheat area from less than 5,000 hectares in 2018 to about 2 million hectares in 2024.<\/p>\n<p>The two leaders also discussed ways to increase investments in other crucial sectors like agriculture, which is a top priority for the government due to its potential for rapid economic transformation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NAIROBI, Kenya, May 14 &#8211; President William Ruto has rallied for the renewal of the African Development Fund, underscoring the transformative impact of the funds in supporting development projects in the country. During a high-level meeting with Akinwumi Adesina, President of the African Development Bank (AfDB), held in Nairobi, the head of state reaffirmed the [&hellip;]<\/p>\n","protected":false},"author":14459,"featured_media":96584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[934],"coauthors":[13385],"class_list":["post-96583","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kenya","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ruto rallies support for renewal of African Development Fund - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, May 14 - President William Ruto has rallied for the renewal of the African Development Fund, underscoring the transformative impact of the 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