President William Ruto has taken Kenya’s investment, technology and financing agenda to New York as he attends the 81st United Nations General Assembly, where he is expected to seek partnerships and promote greater use of African capital to fund development across the continent.
The President, who left Nairobi on Saturday evening, is undertaking a five-day visit focused on energy, infrastructure, manufacturing, agriculture, health, technology and artificial intelligence.
He is also expected to engage Heads of State and Government, multilateral institutions and global companies as Kenya seeks to attract investment, expand productive capacity and open new markets.
One of the major investment projects on his agenda is the proposed Sh2.2 trillion ($17 billion) East Africa Refinery in Lamu. State House spokesperson Hussein Mohamed said Dr Ruto will co-chair investment roundtables organised by the Africa Finance Corporation (AFC) and the Global Africa Business Initiative (GABI), alongside Nigerian industrialist Aliko Dangote.
The planned refinery is expected to process 700,000 barrels of crude oil a day. The Government says it could create more than 60,000 jobs while improving regional energy security. The project is scheduled to break ground on September 30.
The Lamu project forms part of Kenya’s wider effort to attract private capital into large-scale infrastructure and industrial ventures. The Government also views the refinery as a potential component of plans to develop Lamu as an energy and logistics hub.
At the General Assembly, Ruto is expected to promote the administration’s “Africa-financing-Africa” approach, which seeks to increase the use of resources held within the continent to finance development.
State House says Africa has more than $4 trillion in domestic savings and assets, much of which is not currently invested in long-term productive projects. Kenya will therefore push for financial reforms and international guarantees that could help redirect more of these resources towards infrastructure, businesses and other development priorities.
“The President will call for reforms and international guarantees that can unlock this capital for infrastructure, enterprise and other development priorities,” Mr Mohamed said.
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The proposal includes greater mobilisation of African pension funds, sovereign wealth funds, insurance assets, banks and other domestic sources of capital. The push comes as many African governments face high debt-servicing costs and limited fiscal space for new public investment.
Ruto is also expected to highlight the National Infrastructure Fund, which is part of the Government’s broader plan to mobilise up to $40 billion in public and private capital for priority infrastructure projects over the next decade.
Artificial intelligence will form another major part of Kenya’s agenda in New York. Ruto and Finnish President Alexander Stubb will co-lead the AI Middle Powers Initiative, which seeks to allow participating countries to combine computing resources, data and talent to strengthen their own AI capabilities.
Kenya will also advance the Africa Development Bank-backed AI $10 Billion Initiative, which aims to mobilise up to $10 billion by 2035 for investment across Africa. The initiative seeks to increase Africa’s participation across the AI value chain, including computing infrastructure, data, talent and applications.
The President is further expected to launch an Africa Resilience Compact that will use AI, satellite earth observation and predictive technologies to strengthen the continent’s ability to prepare for El Nino and other climate-related shocks.
Ruto is also expected to sign a global declaration and roadmap on child online AI safety alongside leaders from Spain, the United Kingdom, Canada and Australia. Beyond the UN meetings, the President is expected to position Kenya as a regional technology, trade and financial hub through engagements with international business and technology leaders.
His programme also includes meetings with the Kenyan diaspora in the United States, where he will discuss the proposed Diaspora Investment Platform.
The platform is intended to channel savings and remittances from Kenyans abroad towards productive investment in the country. Ruto’s New York engagements come as the Government seeks to shift more of Kenya’s development financing towards private capital, institutional investment and partnerships.
The Lamu refinery and the various AI initiatives will form part of that pitch as Kenya seeks financing, technology, investment partnerships and new markets.
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