Editor's Review

President William Ruto has welcomed the decision by the European Bank for Reconstruction and Development (EBRD) to establish its African continental office in Nairobi.

President William Ruto has welcomed the decision by the European Bank for Reconstruction and Development (EBRD) to establish its African continental office in Nairobi.

In a statement on Sunday, June 29, after holding talks with EBRD President Odile Renaud-Basso on the sidelines of the Fourth International Conference on Financing for Development in Spain, Ruto said the bank’s decision will enhance support for small businesses and public-private partnerships.

"We value our growing partnership with the European Bank for Reconstruction and Development and welcome the bank's decision to establish an African office in Nairobi.

"This is a strategic move that will enhance support for micro, small and medium enterprises, and promote public-private partnerships as key drivers of economic growth," he noted.

File image of President William Ruto during the meeting with EBRD President Odile Renaud-Basso

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Ruto and the EBRD President agreed on a broad engagement strategy that includes support for climate financing, promotion of green investments, and the organisation of an investor conference in Nairobi later this year.

"We agreed on a range of engagements, including support for climate financing, promotion of green investments and the convening of an investor conference in Nairobi later in the year," he added.

The new office is expected to unlock more opportunities for Micro, Small and Medium Enterprises (MSMEs) by improving access to financing and fostering innovation.

The ratification process allowing the EBRD to officially operate in Kenya is currently before Parliament.

EBRD is a multilateral development bank established in 1991 to support the transition of former Eastern Bloc countries to market-oriented economies after the fall of the Soviet Union. 

Its headquarters is in London, and it is owned by 75 countries from five continents, as well as the European Union and the European Investment Bank.

The EBRD provides financial investments, policy advice, and technical assistance primarily through loans, equity investments, and guarantees.

Over time, the bank has expanded its operations beyond Eastern Europe to regions including the Southern and Eastern Mediterranean, Central Asia, and parts of Sub-Saharan Africa.