Ruto Announces Talks to Make Nairobi Secondary Base for Africa-Led Credit Rating Agency

President William Ruto has announced that Kenya will commence discussions on having Nairobi serve as a secondary jurisdiction for the Africa Credit Rating Agency (AfCRA) following its official launch.

In a statement on Monday, October 12, Ruto said the establishment of AfCRA represented an important step towards strengthening African institutions and advancing the African Union's development agenda.

"As the African Union Champion for Institutional Reform, I regard this achievement as a powerful expression of our shared determination to build an AU that is strong, effective and fit for purpose, and to advance Agenda 2063 through institutions that translate continental ambition into tangible results," he wrote.

Ruto recognised the role played by the African Peer Review Mechanism and its partners in establishing the agency, describing their contribution as instrumental in advancing institutional reforms across the continent.

"I also commend the African Peer Review Mechanism and its partners for their leadership in bringing this important reform initiative to fruition," he added.

Source: Nairobi Leo