The Mountain Journal
Deputy President Kithure Kindiki has challenged African countries to develop forward-looking economic policies that will attract long-term investments and build investor-confidence across the continent.
The DP said policy disruption common in Africa weakens investors’ trust and confidence making the continent unattractive for huge investments needed to uplift the region’s development.
Speaking on Wednesday when he opened the 26th Annual General Meeting of the African Trade and Investment Development Insurance (ATIDI) in Nairobi, Prof. Kindiki said Africa must focus on long-term economic stability to ascertain continuity in investment.
“We must create conducive environments for investments and believe in our continent. We must ensure long-term stability and policy continuity because in the past we have witnessed frequent disruption in policies and investments,” DP noted.
The Deputy President affirmed Kenya’s support for ATIDI saying it is one of the institutions supporting efforts towards nurturing a better environment for investment and socio-economic transformation.
“The future belongs to a continent that believes in itself, invests in its institutions and creates an enabling environment for enterprise to flourish. ATIDI embodies these values and demonstrates that African institutions can deliver world-class solutions to African challenges,” Prof. Kindiki stated.
Twenty-five years ago, Kenya, together with other COMESA Member States, joined hands to establish the African Trade and Investment Development Insurance, then called African Trade Insurance Agency, as an Africa-grown institution cushioning investments and unlocking the continent’s immense economic potential.
Wednesday’s event in Nairobi was also to celebrate its Silver Jubilee. Over the last 25 years, the institution has facilitated billions of dollars in trade and investment across the continent supporting governments and businesses to navigate political, commercial and sovereign risks.
“ATIDI has evolved into one of the continent’s most credible multilateral financial institutions, providing innovative risk mitigation solutions that strengthen investor confidence, facilitate trade and catalyse sustainable development,” DP said.
In Kenya, ATIDI has supported investments to a tune of over 7 billion dollars across energy, transport, manufacturing, financial services, agriculture and infrastructure sectors. Flagship projects that have benefitted include the Lake Turkana Wind Power Project, Kipeto Wind Power Project and Menengai Geothermal Development.
The DP called on African nations to look beyond the present but leverage its economic potential to build enduring institutions that target empowering its people and cultivating a better future for its young and coming generations.
“As we look into the future we must carry the people of Africa. We must be deliberately inclusive, carrying along the young, women and all the people of our continent as we look for solutions to transform the critical sectors of our economies. We must believe in ourselves before we ask anyone else to believe in us,” he emphasized.
He highlighted the Kenyan government’s focus on establishing long-term economic instruments such as the National Infrastructure Fund that aims to consolidate finances for the nation’s economic transformation.