President Ruto rallies for stronger financial institutions for Africa
“That call remains right. But Africa cannot wait for reform elsewhere. While the world debates reform, Africa must build,” Ruto said at a gala dinner at State House held to commemorate ATIDI’s 25th anniversary.
Kenyan President William Ruto hands over a certificate to one of the delegates during the conference. (Courtesy photo)
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Kenyan President William Ruto says Africa must strengthen its financial institutions and fund its development on its own terms rather than rely on foreign donations.
Ruto was speaking at the 26th Annual General Meeting of the African Trade & Investment Development Insurance (ATIDI), which took place in Nairobi under the theme: Empowering Africa: Risk Managed, Growth Unlocked”.
He noted that for years, Africans have called for a fairer global financial architecture, one that stops mispricing African risk and making our capital needlessly expensive.
“That call remains right. But Africa cannot wait for reform elsewhere. While the world debates reform, Africa must build,” Ruto said at a gala dinner at State House held to commemorate ATIDI’s 25th anniversary.
President Ruto endorsed the establishment of the New African Financial Architecture for Development (NAFAD), an initiative launched by Dr Sidi Ould Tah, President of the African Development Bank Group (AfDB), in April 2026.
The NAFAD aims to call African institutions to work together to strengthen the continent’s risk-sharing mechanisms, to reduce the continent's borrowing costs, and to unlock domestic capital at scale for Africa’s development.
Africa holds nearly $4t in long-term domestic savings through pension funds, insurance assets, and central bank reserves. Much of this capital is, however, invested overseas, despite Africa facing an annual financing gap of more than $400b.
Kenya pledges increased support
President Ruto said that NAFAD would help plug this $400b financing gap by leveraging the collective strengths of the continent’s leading multilateral financial institutions to catalyse increased domestic and global investment.
At the heart of NAFAD is the Alliance of African Multilateral Financial Institutions (AAMFI), which brings continental powerhouses like the AfDB, Afreximbank, Africa Finance Cooperation, ATIDI, and others.
Kenya remains a strategic market for ATIDI, with the organisation’s solutions unlocking more than $7b in investments across energy, transport, manufacturing, agriculture, and trade sectors.
A legacy worth protecting
In his address at the AGM’s opening ceremony, ATIDI CEO Manuel Moses reflected on the silver jubilee. He said that the organisation had demonstrated that African solutions are often best placed to address Africa's unique challenges and opportunities.
Since its inception, ATIDI has catalysed more than $93b in private investment across Africa through innovative risk mitigation instruments like political risk and credit insurance that strengthen investor confidence.
It also remains one of Africa’s highest-rated insurers, having consistently maintained an investment-grade rating with major global credit rating agencies since its founding.
“We have built our success on the ability to combine world-class standards with a deep understanding of African markets, designing solutions that reflect local realities while meeting the expectations of global investors,” Manuel said.
He added that the legacy is worth protecting, highlighting the critical need for African countries to continue honouring ATIDI’s preferred creditor status (PCS).
In 2025, ATIDI recorded strong financial performance, with total exposure increasing to $9.2b from $8.9b in 2024, profit for the year rising by 20% to $71.4m, total assets growing by 20% to $1.06b and total equity increasing by 12% to USD883 million.
Leaders urge increased private investment
A central feature of the AGM was the Leaders’ Panel, which explored how Africa can build a more resilient and self‑sustaining development finance ecosystem amid shifting global capital flows, rising debt pressures, and growing demand for infrastructure and industrial investment.
Speaking on the panel, Dr Sidi Ould Tah, President of the African Development Bank (AfDB), called for greater support to African financial institutions.
He highlighted the role of institutions such as ATIDI in making Africa’s high‑potential industries more attractive to local investors, many of whom continue to deploy their funds overseas due to persistent misperceptions of risk on the continent.