President William Ruto has called on China to scale up its cooperation with Africa by helping African countries access concessional funding for development.
Speaking during a meeting on the Belt and Road Initiative that he co-chaired with Chinese Vice-Premier Ding Xuexiang at the Forum on China-Africa Cooperation Summit in Beijing, Ruto asked China to rally various stakeholders to double their contribution to multilateral development banks such as the International Development Association of the World Bank that offer developing countries low-interest concessional financing.
“This will enable more African countries to access concessional funding. It will support economies that are heavily affected,” he said.
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.
President Ruto also called for reform of the international credit rating and debt sustainability systems.
He also announced that African leaders will be holding the first ever meeting to establish parameters for the proper assessment of the continent’s assets and gross domestic product, and new modalities for determining debt sustainability using Africa’s real wealth in Congo Brazzaville next month.
At the same time, President Ruto said Africa is keen on reforming the African Union in order to consolidate the continent’s voice, sharpen its vision and build greater consensus now and in the future.
“I urge all my colleagues to participate in this endeavour so as to position Africa’s perspective and ideas appropriately in global discourse,” he said.
The President commended the cooperation between China and Africa on transformative programmes, saying Africa needs a robust foundation to achieve a radical turnaround.
He pointed out that this would be achieved through the implementation of transformative programmes, citing the enhancement of the continent’s connectivity through the development of essential infrastructure.
President Ruto noted that, through the Belt and Road Initiative and the Four Global Initiatives, the partnership between China and Africa has helped African nations make significant strides towards inclusive growth.
“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.
The President said the implementation of Belt and Road projects is transforming African economies and spreading undeniable investment and other opportunities in sectors such as finance, manufacturing and agriculture.
