This archive report was first published on 18 May 2021.
On May 18, 2021, President Uhuru Kenyatta addressed a virtual summit on financing African economies hosted by President Emmanuel Macron of France, calling for new approaches to financing Africa's Covid-19 recovery efforts.
President Kenyatta proposed innovative financing solutions that would crowd in the private sector, including the issuance of private sector-backed financial instruments such as green bonds, supporting the issuance of local currency instruments, and structuring guarantees to lower financing costs.
He emphasized the need to move beyond traditional measures and implement truly transformational financing options that are commensurate with the enormity of the crisis.
President Kenyatta also highlighted the need to upscale African countries' access to Covid-19 vaccines, stating that there can't be any recovery without access to vaccines and that Africa is desperately lacking in vaccines.
He cited the Nairobi-Nakuru-Mau Summit Road, a PPP project financed by French investors, as an example of the huge financing potential held by the private sector and invited more investors to Kenya and the continent.
President Kenyatta welcomed ongoing efforts by development partners to cushion the continent from adverse effects of Covid-19, saying Africa needs more resources to fight the pandemic, tackle debt vulnerabilities, and address poverty among other pressing needs.
