(Ecofin Agency) - Kenyan President William Ruto announced on May 29 that Kenya will invest $120 million in the African Development Bank (AfDB) and the African Development Fund (ADF) over the coming years.

Speaking at the AfDB Annual Meetings in Nairobi, Ruto detailed that Kenya will invest $100 million over the next three years to increase its stake in the pan-African financial institution. This follows similar investments in Afreximbank and other development institutions.

Ruto also committed an additional $20 million to the ADF, the AfDB's concessional financing window, for its 17th replenishment.

According to President Ruto, Kenya has already invested in six major African initiatives and is continuing discussions on future investments. He emphasized the importance of trusting African institutions first to encourage others to follow suit.

In his speech, Ruto also urged the international community to reform the global financial architecture, criticizing the high costs of financing for African countries.