Kenya boosts stake in Africa Finance Corporation by Ksh3.25B, Ruto announces

President William Ruto has announced that Kenya has increased its stake in the Africa Finance Corporation (AFC) by Ksh3.25 billion ($25 million) to bolster support for African financial institutions. The President made the announcement on his social media, revealing his forthcoming visit to AFC headquarters in Lagos, Nigeria.

Ruto emphasized Kenya's growing financial and development partnership with AFC, stating that the additional investment will enhance the corporation's capacity to fund infrastructure and development projects across the continent. The President reiterated the importance of African countries leveraging their own financial resources and institutions to fuel development, rather than solely relying on external financing.

Kenya's increased investment follows AFC's establishment of its first regional office in Nairobi in April 2026, aimed at supporting infrastructure investment, capital mobilization, and cross-border projects in the East African region. The corporation plans to mobilize over $2 billion in the region over the next three to five years, focusing on sectors such as transport and trade corridors, energy, special economic zones, and digital infrastructure.

Kenya is already collaborating with AFC on significant projects, including the Dongo Kundu Integrated Industrial Park in Mombasa and the Naivasha Special Economic Zone. Since joining AFC in 2017, the corporation has committed over $1.3 billion to energy, transport, and industrial projects in Kenya. The Ksh3.25 billion increase in Kenya's AFC shareholding grants the country a larger equity stake in an institution dedicated to financing African infrastructure and industrial development.

The announcement aligns with Ruto's broader strategy to encourage African nations to channel more domestic savings into productive investments.