Kenya to raise its stakes in Africa insurer

President William Ruto and ATIDI CEO Manuel Moses during the ATIDI's 26th Annual Gneral meeting held at State House, Nairobi last week. [PCS]

Kenya plans to increase its shareholding in the continental insurer African Trade and Investment Development Insurance (ATIDI) to $65 million (Sh8.4 billion) from the current $25 million (Sh3.23 billion).

This is according to President William Ruto, who spoke during the 26th Annual General Meeting (AGM) of the ATIDI, which took place in Nairobi.

Ruto said Kenya will, subject to the necessary national processes, progressively increase its shareholding.

He also presented ATIDI with the title deed for land for the construction of its permanent headquarters.

Ruto issued a clarion call for Africa to strengthen its financial institutions and fund its development on its own terms.

 “For years, we 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.