President William Ruto has called on China to help African countries more by making it easier for them to get low-interest loans.
Speaking on Thursday, September 5 in Beijing, Ruto said the financial support is important for Africa’s growth and countries struggling economically.
The Head of State urged China to get other groups to increase their support for development banks like the World Bank’s International Development Association.
“This will enable more African countries to access concessional funding. It will support economies that are heavily affected,” he explained.
He also asked China to back Africa’s push for changes in the global financial system, which he described as “unjust to many countries in the Global South, including Africa.”
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Ruto suggested improving debt treatment, including extending the repayment periods and grace periods for current and future debts.
“In Kenya, the Belt and Road Initiative has significantly enhanced productivity in both rural and urban areas by facilitating efficient mobility and market access, and creating new opportunities for women and youth,” he said.
Ruto announced that African leaders will meet in Congo Brazzaville next month to find better ways to assess Africa’s assets and manage debt.
Chinese President Xi Jinping presented a 10-point plan for Africa over the next three years including modernization in areas like industry, agriculture, and infrastructure.
“In the next three years, China will work with Africa to take 10 partnership actions for modernisation to deepen China-Africa cooperation and spearhead Global South modernisation,” he said.
President Jinping noted that the 10-action plan will provide Africa with $50 billion (KSh6.5 trillion) of financial support.
He mentioned that it would include a $29.4 billion credit line, $11.2 billion of various forms of assistance and at least $9.8 billion of investment in Africa by Chinese companies.
At the same time, President Ruto co-chaired the meeting with Chinese Vice-Premier Ding Xuexiang.
Other key speakers included Presidents Adama Barrow of Gambia, Lazarus Chakwera of Malawi, Brice Oligui Nguema of Gabon, Mohamed Younes Menti of Libya, and Al-Burhan Abdelrhman of Sudan.
President William Ruto is in China for the 9th Forum on China-Africa Cooperation (FOCAC) Summit, accompanied by First Lady Rachel Ruto, ODM leader Raila Odinga, and other senior government officials.
